So we're here at the Microsoft booth and these are pretty beautiful phones here and they are in the market, so who are you? My name is Zoltan Manei and I'm working as a product manager for CEE area. I'm working for Hungary, Czech, Slovakia and some other countries. My responsibility area is actually dealing with these phones and also I'm responsible to talk about this very very nice feature that will continue soon as my friend. Cool, hi. I'm Jonathan Likis, I work in the technical sales team for our commercial division and yeah, we're showing Continuum for Phone today. Continuum is awesome, right? So how many people are using Continuum right now? It's like growing fast, right? Well we launched Continuum as a feature on our new 900 series flagship devices, so the 950 and the 950 XL are both capable of docking with the Microsoft display dock. So is this show, Acer is launching Continuum also? Yeah, so Continuum is a Windows 10 mobile feature, so Acer has a device that's running Continuum as well and I believe that there's some other announcements being made this week as well. So it's an exciting Windows platform feature as well as coming to life on our Lumia device. So how stable is Continuum? How far has it gone? It's pretty good. I'll tell you in this very moment how you would like to try this. So the main purpose of this experience is actually to show and prove you that it's very hard or you're almost unable to make a differentiation whether you are sitting in front of your PC or you're sitting in front of the Continuum screen. So it's a full Windows experience but without the .x file, right? So this is ARM powered Windows? So exactly, this is running Windows 10 mobile, not the full blown Windows 10 desktop version. You can see that we describe it as a very much PC-like experience because things seem extremely familiar but you're right, you can't run those full Windows 32 desktop applications. You can see the start menu works extremely familiar. Notification and action center on the right hand side. But at the same time, you can see that this is still a phone. So on the top corner you can see that there still is a signal strength bar. So this really is your phone. And over there is that experience over there with the notification stuff. So it's fully smooth, it's never going to slow down even though this is a Qualcomm 810, right? Yes, so this is the octa-core processor and in the 950 it's the hexa-core processor. And these are the most powerful Windows 10 phones that we've ever built. But they are both? Both the different sizes have the same CPU or there's a different CPU? Both the CPU has a slight difference. Actually it's octa-core, the other one is hexa-core. But both processors are still quite much capable to make this kind of performance. Is it 808, the smaller one? Yeah. So what's the difference in performance between the two? If we are running actually continue by the first site you don't see the difference. You don't see if you start a few applications, if you start maybe quite tens of applications. Does Microsoft have a solution to virtualize all the x86 apps? Or is that not yet kind of like implemented? So we're telling over, I think it's at the other stand. But we're showing off today that we do have a universal remote desktop app in preview in the store at the moment. That's a remote desktop app that scales across the full screen in the continuum experience. I think we're showing off over there how you can remote desktop into another physical machine and how you can even remote desktop to some resources as well that you might be running on a server somewhere. And so these are the ways that we're starting to think creatively about how users might be able to use this experience to gain access to a Windows 32-type app experience. Because that's what enterprise customers are telling us that they want to be able to do. They want to be able to use their Win32 apps using the continuum for phone setup. So this is kind of like the next generation Windows RT, right? It's like RT to the next level. RT was the ARM part at Windows already. So this is running Windows 10 Mobile, built from kind of the ground up for our phones. And yeah, it's still being compiled and built to run on the ARM chipset. Alright, that's cool. And this dock is having all these ports. Yeah, so this is the Microsoft display dock. And it requires power into it, which is USB Type-C. You then have either the options of a display port or a HDMI output. And then you have three USB ports as well, one of which is powered. So if you have a removable hard disk drive that needs power or something like that. And then you just have your USB-C cable that comes out to the front. And the reason that on our solution of the dock we've gone for the cable as well rather than actually you docking it into the unit is that while you're running Continuum then you can still do things on this device like make a phone call or send a text message or maybe dictate to Cortana. And you're still able to use that PC-like experience to be working on your apps. And this is going to empower users to be more productive. There's absolutely no slowdowns. You just do two things at the same time here and there. You're seeing this in action right now. This is us using my phone, doing some emails as well. Do you have some apps that are like Windows that you can drag around or they're all full screen apps? Yeah, everything runs full screen. Everything runs full screen apps. You can see that in the familiar way the apps are running in the background down there at the bottom so you can easily switch between them. And then as well you've got the multitask switcher that you can switch between things if you want to. So how's the excitement for this? It's been one or two or three months now? Yeah, I mean we unveiled this back in October and the excitement certainly for my enterprise customers which is who I predominantly work with has been massively exciting. They see this being a massively productive tool for their information workers who are maybe mobile a lot of the time and then just want to come into like a hot desk environment. And then if you think about like task workers, maybe police officers, people who are doing quite tasks where they're out in retail stores even, this is going to be a fantastic tool to enable them to be productive. So all the Windows phone apps, all the Windows phone apps are working right? All the Metro, everything Metro? So all of the existing Windows Phone 8.1 apps continue to work on the phone but in order to use the continuing experience for Windows 10 mobile they do need to be a universal app for Windows 10. So it needs to be a universal app that's kind of like the Metro API and stuff? Yeah, we're calling it the universal Windows app platform now but that's this app that has the ability to scale from the phone right across to the big screen. Alright, and how many apps are there? That's a good question. I'm not sure of the latest count but certainly we've been growing and growing. I can maybe follow up with you to get you those numbers. You don't support all the Android apps, do you? Is there something about that? No, not at the moment, no. So we have some, I mean, back at the developer conference last year we announced some tools to make it really easy for developers to bring their existing investments from other platforms to Windows and at the moment we're showcasing on our developer website the iOS tool. So anybody is supposed to be able to just make apps for this? Yeah, we're trying to make it as easy and simple as possible. I mean, back when we had Windows 8.1 and Windows Phone 8.1 and even the Xbox you had to get hold of separate SDKs. You had to upload your apps to separate stores. We're trying to make it a lot easier now. We've got the universal Windows 10 SDK. You can use Visual Studio on Mac now and Windows devices to develop your app and then you can put it into one store that's available across all of these devices. We've got about 200 million devices running Windows 10 now across PC, tablet and phone and our trajectory there given we only launched last September time frame. We're on a really, really good trajectory. And it's the universal, I would say it's the universal architecture for the CPU like it's ARM. So once you develop, you optimize for the ARM and it's just going to work on this and that on the phone and the future Microsoft smart displays and TVs. Yeah, you know, that's the whole idea of a universal app, right? This idea that an app developer can spend their time to create a great app once and then it will scale to work across all the different devices. I mean, I can show you an example of that here. I mean, when we talk about a universal app, it's a very simple example but if you have something like the settings menu, I mean, this screen here looks really, really familiar to how it does on a phone. I'll just show you here quickly. This is really, really nice and similar to where it looks like in the game but actually now if you scale that out, you can see that gradually the app adapt. And that's just a simple example that if things like the people have, again, you would expect to see something like that as you change it and scale the design.


The following is a presentation of TFNN, the morning market kickoff with your host Tommy O'Brien. Good morning everybody I'm Tommy O'Brien coming to you live from TFNN 8 30 a.m. Tuesday morning 60 minutes to go until that opening bell and we got markets in positive territory right now pulling back a bit from the highs we had but you're looking at the S&P futures right now trading at 3151 that's technically up three points the NQ's up 16 at 10,616 the Dow up 78 26,046 checking in on bonds we're looking at a yield of 0.62% right now as you have the 10 year up about three ticks at 139 10 the 30 year up 16 ticks at 1805 we've got oil negative 53 cents at 39 57 that gold contract negative $10 at 1804 had been down though if you look at it about 6 a.m. This morning of 1791 so we're solid $15 above that price level in the price of gold jumping around we're gonna jump in to write some of the bank stocks with earnings this morning JP Morgan out with their numbers record trading revenue driving stronger than expected quarterly profit that's the headline we'll get into it in a moment you have the shares trade to a high of 102 35 we just came on the air and they started their conference call at 8.30 a.m. Eastern time we'll see how JP Morgan reacts to that jumping over to the headlines they have and there it is jumping after a record trading revenue earnings $1.38 a share they were looking for $1.04 $1.04 how about the revenue 33 billion they were looking for 30 billion they beat by 10% or $3 billion in the span of 90 days trading revenue served surged 79% to a record of almost 10 billion as bond and equities trading exceeded expectations bond traders posted revenue check that out folks just bond trading all right JP Morgan the entire company had 33 billion just bond trading had revenue of 7.3 billion 120% increase from a year earlier crushing the 5.84 billion estimate by almost a billion and a half quite a 90 days to be in that bond trading office at JP Morgan wherever they reside maybe at home equities traded put equities traders 2.4 billion market was looking for 2.07 so as we come on the air as well 8.30 a.m. lots of good data coming out we just got consumer price index rising 0.6% in June the number they were looking for was 0.5% so that number pretty much in line what else we have delta out with their numbers we also have Wells Fargo and we have city we're going to jump over to those in a moment as well but we got delta out with their numbers pretty unchanged you see the volatility from about 26 to 2750 on the numbers and to see what they said folks doesn't get much darker than this how about losing 5.7 billion dollars in 90 days their biggest loss in more than a decade driven of course by coronavirus demand remains less than 30% of last year's levels I'm actually surprised if you told me that 3 out of 10 people that traveled last year are traveling this year right now would you believe that I'm in Florida a little bit biased of what's going on here with our numbers but that even seems optimistic as demand remains less than 30% of last year's levels so they're going to hold a conference call 10am eastern time with analysts net loss of 5.7 billion in 90 days the biggest since 2008 revenue falling 88% to 1.7 billion pretty much in line slightly above the estimate estimates okay an adjusted per share basis 443 they lost above the 407 the market was looking for they reduced its cash burn to 27 million by the end of June from roughly 100 million a day at the end of March so they came into the current coronavirus pandemic they're burning about 100 million which means they'll burn in a billion dollars every 10 days I mean what's crazy is that if they just stayed in 100 million right you lose 100 million for 90 days and you lose 9 billion dollars well they lost 5.7 they were pretty close to you know it's a staggering number for sure but over the course of the entire quarter to lose 5.7 billion I mean you're losing somewhere in the neighborhood of 60 million yeah 60 million 65 million dollars a day for the entire quarter Delta though excuse me all priced in as no real action on that number for Delta all right some of the other banks Wells Fargo not faring as well as the mighty JP Morgan you see their collapse this morning we're up to 2604 yesterday you sell off at the open we get their numbers this morning at about 745 a.m. you trade from 2570 about to below 24 we're currently trading at 2437 and I believe I have their numbers up here let's jump into stocks making moves where are we come on Wells Fargo thought I had the article up here maybe not I'll have to pull them up but obviously from their chart I was reading it earlier there's just so much going on folks pulling everything up in line is quite a feat the first two they cover of course Delta and JP Morgan that we covered and let's just jump through for a bit so you got Google they are an advanced talks to invest four billion dollars in geo platforms a digital arm of India based conglomerate reliance holding so you got Facebook KK already in there Google gonna diversify and invest in some digital arms in India Ford how about the Bronco coming out when I was in high school oh can't believe I already date myself how did I get that old but graduate 1998 man that Bronco one of my buddies had a solid Bronco love that thing Ford really been struggling lately whoops close that out you go from ten dollars already in trouble you could say as COVID hits this market down to four we're currently trading at about six and a little bit of pop on that news for the new Bronco what else we got yeah some some some some political leadings with China and Huawei and the four and the so forth UK says it's gonna phase out Huawei from 5G networks and a major turn Huawei just continually you gotta be careful of those Chinese folks whether it's Huawei whether it's tick-tock I had tick-tock on my phone at one point you know I was bored as I was flying around tick-tock seeing seeing what the kids are up to these days oh my goodness how old am I and it just came a point I say you know what I don't need this on my phone man this is a Chinese company they're tracking everybody it's a brilliant move from a state perspective of China and just like Huawei same deal I don't know if I would trust them to be building out an entire 5G network capability so they're gonna continue to face problems there so American Airlines they're gonna warn pilots this week about potential furloughs according to an audio message to pilots heard by CNBC it would become the latest carrier just airlines continuing to struggle Tesla so Piper Sandler raised its target on Tesla 23 22 a share setting fasteners and then expected market share gains and an underappreciated opportunity in software pretty pretty stark to say anything going on in Tesla is underappreciated right now quite the sell-off yesterday right I mean we all kind of if you were watching the market you had to be taking a peek at Tesla 1794 how about trading down $300 in today you were up like 16 17% I think you finished down about 3% but guess what folks we're gonna open up about $100 we were just above 1600 be wary of the Tesla and how about the VIX the VIX was telling us yesterday I was getting ready for my rocket equities and options report I mean that's two o'clock in the afternoon yesterday why was the VIX trading up positive when the market was up about a full percent say to me folks we'll go over that when we come back many of our new listeners have heard about the Tigers den the Tigers den is a lively community where professional traders and investors can meet exchange ideas and information in a comfortable moderated atmosphere here all of the TFNN shows plus see all the charts as they happen live and have access to archives of all of those charts you can test drop the Tigers then absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you details on the Tigers then or on the front page of TFNN.com TFNN has launched our brand 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funds is subject to risk including the possible loss of principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four-side fund services LLC don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV for the latest market information welcome back folks and just like that we get the futures actually negative now 3143 we're approaching the lows that we had at the end of the day yesterday that price tag 3142 at about 345 last night hit that level again at 330 a.m. the low of 3143 we're trading right now 3144 just since 815 market sold off about 15 S&P points fast action across the board now as I mentioned I'm gonna jump back to the VIX but I was talking about this on my show we've seen this happen a couple times recently with the market gets a little frothy and the VIX says hey guess what I'm not pulling back because people are still buying insurance so you look at where we were in the market yesterday okay S&Ps we were up 30 almost 40 points there's one 30 in the afternoon these are 15 minute bars I did the 2 o'clock update on Tiger TV and I specifically recall saying on 3218 you know we've pulled back a bit we're off about 8 points from the highs now the updates at the top of the hour folks go 3 minutes okay so I was on the air from 2 o'clock till 203 things started to accelerate but I'm jumping around a gold around a crude I'm looking at Tesla right I'm looking at Amazon and in the span of no time folks this market even by 230 you were down below 3200 and then the run really began at 3 o'clock as you trade from 3200 down to 3140 but again so we trade higher right from 5 in the morning worth 3188 you trade up a solid 38 almost 40 points by 2 o'clock and then look at the VIX though what was going on with the VIX right I mean you look at where we were the close of Friday you start Monday and even when the market's going up so we closed out Friday trading at around 2750 the market was up 20 30 40 points and meanwhile you have the VIX pricing and elevation keep your eye on that couple times that's happened it's really indicated that a sell-off may be imminent I mean just that does not happen often where you have the S&Ps up 30 to 40 points and you have the VIX elevated by more than a dollar to a price level of 2850 folks we're approaching 11,000 in the NASDAQ we're approaching 3218 in the S&Ps now to keep things in mind here S&Ps let me pull up the S&Ps okay we had only seen that price level on this I mean for context quick before I pull it off there's your Fibonacci levels all right we've been bouncing around between that 618 and 786 seems like the market's pretty comfortable when we get above it things get a low frothy and it pulls back now the only time that we've been at the price action we're at yesterday let me pull this off all right and I'm gonna zoom it in so you see we will go from 3400 to 2174 my goodness right well more than we're about a thousand points off the low right now still but what I want you to see is that yesterday's action up to 3225 we'd only been there on three days since February all right so talk about frothy we're there June 8th 9th and 10th and guess what happened on June 11th we traded down about 200 S&P points all right so the market might not be super comfortable with this keep your eye on the VIX today and we got some action bank earnings in a big way coming out and with that in mind I found that well as far ago so they reported 2.4 billion loss in the quarter slashes dividend to 10 cents that's the headline I was looking for bank had a net loss of 2.4 billion 60 so it's six cents a share market was only looking for a loss of 20 cents revenue 17.8 they were looking for 18.4 they cut the dividend to 10 cents and that is why all of that combined well as far ago trading lower to the tune of about a buck 20 almost buck 10 buck 14 well Fargo to the south of 2426 all right what else we got going on Amazon the king of them all recently rolling out grocery carts that let shoppers skip checkout lines bag their groceries and walk out of the store so the launching smart shopping carts at its Woodland Hills California grocery store now of course Amazon owns Whole Foods I see no reason why all of this isn't coming down the line in no time and it's similar to Amazon's cashless go stores dash carts allow shoppers to avoid checkout lines as they exit the stores they're embedded with cameras sensors and smart display that automatically track a shoppers orders a little bit big brother in there right cuz you're gonna be a prime member they're gonna know where you are how you shop I mean imagine there they're gonna have a full map of where you go in the grocery store what items you get first where you go from there I just can't imagine how AI is gonna start breaking down what what do people buy that go to little you know aisle one first versus aisle three and if they're in aisle three what's the best aisle to try and send them to maybe next the future is coming Amazon and they're there and they're in charge a lot of it folks Amazon quite a sell-off yesterday 3344 we're sitting right now at 3119 remarkable action and what else we got going on so rocket equities and options and a jump to the front page new report that I just started yesterday I just want to focus on the report I put out yesterday I'm gonna have an update for subscribers coming out right around the market open this morning so I encourage you check it out on the front page of TFNN I'll go over the promo code in a moment but in terms of bank earnings so we covered JP Morgan city Wells Fargo Delta tomorrow the banks continue with Bank of New York Mellon PNC US Bank Corp we get United Health which will be interesting from a health perspective and then you get Goldman and Alcoa doesn't stop on Thursday Bank of America Schwab Morgan Stanley then we get into some interesting stocks in terms of Domino's Johnson Johnson Abbott labs and how about Netflix coming to us on Thursday and then finance on Friday with Citizens BlackRock Ally and State Street Netflix of course numbers on Thursday last quarter they added 15.8 million subscribers they look to add an additional 7.5 million subscribers I'm gonna have a big write up this morning on Disney put together some analysis on Disney for subscribers out there I encourage you to sign up for rocket equities and options come out with this a weekly report but I'm gonna be putting out updates every day this week most days most weeks I'm gonna be having updates every day of the week with the big report coming out on Mondays it's a long term and short term newsletter and right now this month only so it's July 14th about the next 16 days you can sign up 17 days and get 50% off for the life of your subscription so normally it's $97 a month and right now you can lock in 4850 month folks 50% off to put things in context you're paying under $600 for the year even on a monthly at that which is a huge savings even compared with a yearly price this is gonna be a charter member deal you know my first subscribers coming on with me from the launch best deal possible and I'm gonna allow you to lock in that rate Tom's got some great subscribers to his gold report it's amazing he just put out issue 951 I think 951 one for every week 951 weeks and guess what he still got people who took advantage of a grandfather deal early on and they are paying a phenomenal price for that gold report no matter what you're paying that goldports worth it recently with gold at about 1800 but I encourage you folks check it out you can lock it in 4850 you subscribe just add the promo code rocket ROCKET make sure you add that code there's the 4850 that gets taken off and you'll end up paying 4850 for that and that will be locked in for as long as you remain a subscriber so I got some good action on Disney I'll give you a quick teaser here's Disney all right let's see if it comes out do I have a three-year weekly there we go this is what I'm gonna be talking about folks all of that when they launch Disney plus they launch the subscribers the subscribers Disney out with their earnings on August 4th so check that out on the front page of TFNN I'll be putting that update out for subscribers shortly this morning jumping back to the SMPs putting it on that five minute basis basically flat right now but we are in dangerous territory folks we're right down at this lower end range we got 40 minutes to go until the opening bell and we get the VIX as you'd expect spiking higher 3150 now on that VIX the high at the close yesterday you're talking about 3245 station folks come back after the break go over what else we have on tap for Tuesday trading stay tuned folks I'll be right back in three minutes back in the day I joined the Hotel California in 2006 and like many of you was drawn in by as well as whatever you think about you bring about whatever you focus on growth you see I believe that everything in life happens for us not to us and Tom ignited the fire within me to want to learn how to master the markets so how did I go from knowing nothing about technical analysis to becoming the number one market timer for the S&P 500 in 2018 and the number two market timer in 2019 simply put I hired coaches with a proven track record which led me to a whole new set of tools I created to interpret the message of buyers and sellers I would love the opportunity to teach you this award-winning set of tools and help you improve your market timing you can test drive my newsletter service mastering probabilities for the next 30 days with no risk to you plus no gain access to archive workshops that will take you step-by-step through my system sign up today by going to the home page of tfn.com and selecting mastering probability in the newsletter tab if you haven't checked out the newsletters page 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then hit watch tiger tv for the latest market information welcome back folks s and p futures flirting with those lows we had yesterday right on that range thirty one forty six as we get about 35 minutes to go until that opening bell other stories out there on my radar this morning johnny walker i personally not a big fan of brown liquor in general and though it's like the madmen deal right guys they think they drink their brown liquor again i can not a big fan of drinking in general folks drinking not not the best habit for for your body but enjoy a cold beverage maybe a vodka soda maybe a beer every so often johnny walker the uk they're gonna be coming out with paper bottles i don't know how people are gonna feel about that in terms of uh even i know that that johnny walker black label those nice big glass bottles but um in the uk awareness of plastic pollution has been raised by tv shows such as blue planet so they're gonna come out a little bit more sustainability in terms of trying to use packaging that is uh more recyclable they're gonna come out with uh one hundred percent plastic free bottles of johnny walker from the next year latest example of major drink manufacturers attempting to move toward more sustainable forms of packaging see how that plays out in terms of coronavirus dark numbers continuing florida we were up at about 12 000 300 cases yesterday uh that number comes out usually right at about 10 45 am we'll be on the air with tom for the bull bear trading out for that but the uk could see up to one hundred 20 000 additional virus deaths this winter some scientists pushing out there the uk still dealing with this of course and you know another headline out there we keep hearing it right immunity how long will immunity last if we do get a vaccine if you do get antibodies um you can't reach herd immunity folks if that immunity is only going to last a few months um which one uk study is finding so dicey stuff in the market uh not quite sure how to figure it out but it's gonna have to figure it out because we got 34 minutes to go until that opening bell and check it out folks as i speak we're trading lower 31 42 we're now below where we were as of three in the morning and let's back it up the lowest that we had yesterday 31 40 we're climbing to that level within a point within a point here we go we got 20 seconds we might be there 31 41 here we go there it is 31 40 stay tuned folks larry pezzavento coming up live with trade what you see check out my newsletter on the front page of tfnn this month save 50 percent thanks folks


session. So we do have a session with Mr. Ajay Sharma who's the managing director and CEO of Badinath. That's another homegrown brand which after COVID is doing even better because immunity health has become so important for everyone. So Salil, let me start by asking you what has changed in the last two years when it comes to businesses and hence what does marketing need to do to be able to come up to the expectations of consumers? Yeah a lot has changed in last two years. The big shift that has happened is what they buy to how they buy. So that's the biggest shift I would say if there is one shift that I have to put my finger on and that's very very important for every business and business person and marketer. And what I mean by it is what they buy earlier all the companies and brands were focusing on creating a very differentiated portfolio. People trying to come up with nice products, people trying to come up with looking at the white spaces in the product portfolio, their product portfolio and offering it to the consumer. But what happened in last two years is the entire focus is shifted to how they buy and how they buy is not only limited to the final purchase. It's right from the beginning the search, the consideration, the comparison. It's the whole nine yards after that the buying actual buying how it happens, the experience of delivery and then the post delivery if it's a product like ours, installation and then the instant feedback which you know goes back to the brand. So that entire cycle that entire loop has become very very critical because the consumers have become very very tech savvy in last two years. We've seen a rush on technology and that shifted the focus as far as businesses are concerned from trying to create differentiated products actually trying to I would say it is a it is a fight for survival. All the new businesses which have come up in last few years are not on very highly differentiated products they're more on the the new purchase behavior of the consumer which is highly digital centric. Absolutely and Mr. Kapoor you started your career in consumer derivatives then you went to media then you launched the OTT platform much ahead of the current OTT Gold Rush then you are back into consumer derivatives you join one large venerable brand and then you joined Orient Electric in the last few years. Now we talked about the terms SOHO you know or SOPO depends you know you can call whatever but basically searching information online but buying offline. However the beauty about the last two years is while online grows offline is equally important and growing. How do you explain the fact that both of these are growing? Online is growing and when it comes to Orient Electric you may not want to give specific numbers but when it comes to Orient Electric how has your D2C or your e-commerce play got fortified post pandemic? Two parts to the question. I would say that offline has really not grown as online has grown and I'm not talking about the actual sales and online sales versus offline sales I'm talking about the entire process of purchase the and it's not new we all know when consumers they step into offline store they look at a model or they look at any product they actually go online to look at the information about so the the search about the product the reviews about the product everything is happening online so I would say the pre-purchase all that stuff was happening which was a which is called word of mouth it's now word of digital actually so that entire thing has shifted drastically to digital rather than being offline and then comes the actual purchase actual purchase can happen off online and offline but we've definitely seen most of us huge shift towards online as well and then within online there are two parts what you have aggregators and then you have this the entire new of D2C brands which have come up and all the existing brands also creating their own D2C which is like their own own shop in your digital shop you can see the the the ease with which you can go direct is is is really has really changed so you have the whole stack available there's a Shopify there's a ship rocket and there's a payment gateway and you understand all those two three things you put them together the entire stack and you go online so I think brands have realized this fact they have they understand that the consumer is highly digital centric now she searches she evaluates she looks at the reviews she goes through the entire digital journey before she decides to buy what to buy and where to buy and that purchase can happen offline and online but the initial journey initial part of the journey is definitely much much more digital as far as we are concerned yes we are also in a process of putting a D2C you own setup but I think within the overall picture of the existing brands the aggregator pieces much much bigger as compared to D2C right now and Salil if I may ask I see you advertising big time on television and I recently read an article about 45 days back in the Howard Business Review which said it was a beautiful article I sent it to some of my media owner friends and it said how in the US mainstream media is coming back with Avengers the budgets on mainstream media are coming back in a big way day so online is growing there's no question about that but online as the price has become very very uncompetitive second is there is a lot of online fraud you know there's a wastage and hence a lot of large brands are going back to television advertising newspaper radio outdoor they have shifted their budgets from online to mainstream media and I see Orient Electric doing TV advertising what is your view being at the helm of affairs at Orient Electric in terms of how brand building in media has got impacted in the last two years mainline media traditional media legacy media whatever you call it has always been there so if you look at our own homegrown digital brands nobody can miss that they really went big on TV be it one of the largest payment platforms or be it one of the largest head tech companies they're all digital brands not only they are digital brands they're setting up offline retail so the tech brand if I get I know what you they're setting up B2C physical counseling centers and other edutic brands are also setting up physical center so you know while you talk about physical retail not growing there is a touch and feel in this country which is not going to go out of fashion that soon so this is not going to be the digital part versus the physical part it is going to be on the channel and the degree of it will vary category to category product to product industry to industry I think the marketers will understand it they already do and their understanding will increase over period of time when they have data in their hands where the interaction and where the conversion is happening much faster that will decide which way they will go but both the both the forms and both the offline and online will coexist coming back to your early question earlier question that will it be TV or how it's TV versus how the brand building is I think TV in India still has that scale it gives you that kind of a scale and and digital gives you more of customized interaction and engagement personalization so that the what you get out of each medium is different depending on what you want to what is the objective that you have if you want to go splash across all the TV screens and do a burst then it is more a TV thing depends on what is the marketing objective if you want to build up the engagement and it's more gradual you can do bus on digital that doesn't work and long-term brand building on digital that also one may question and I'm not saying of course digital has to be part of the plan a large but again there is lots of studies saying and forget the studies look at all the unicorns they spend money on IPL and TV advertising during IPL so clearly TV is not going anywhere right but tell us some things that we haven't still noticed or which are very small in terms of trends which are going to become bigger and bigger in the next few months few years I think there are there are niches to look at as far as media is also concerned a recent example what I can quote is there's a there's a there's a service called my gate they they try to integrate into all the high-rises and they have a penetration in lot of apartment complexes across the country now it is essential for every resident out there to have that because that's how you welcome your guests or you they let you get your guests or anybody who is visiting you you by default on the screen of your consumer and then you start pushing the products so that kind of a stuff where you get an entry which is a backdoor entry into the consumers screen and mind share and then start pushing the products that's a that's a new one the other one which is also coming up is the digital OH so you know forget the standard out of home that we have seen all these screens which are being put at various offices restaurants and apartments imagine all of them connected somewhere with the common service and at one go you have one campaign or one ad or one product showing across the country in all those areas these are the new things which will develop and I think technology can you know help us scale any small thing to whatever level that we want to this is the kind of a personalization this is a kind of scale that can be built up with the help of all these new things which are coming out of the picture so all the old traditional media will also get digitized so I'm actually wondering when will we have the roadside out of home across the country lit up one day showing one particular brand on every road that'll be the kind of a new thing which somebody centrally will control it so so this is something that we are going to see now coming up and I think a lot of people are working on such things let me ask you you worked across sectors how are leaders business leaders and I said marketing is about growth and marketing is business you know if marketing creates growth then marketing is business tell me what are leaders doing to be able to make themselves relevant in this post pandemic scenario it's been a it's I think it's been a tough journey for all businesses in last two years there have been multiple challenges whenever the demand is high there were supply chain issues and for whichever sector there was no demand they had some other issues of survival so I think all the businesses were trying to cope up with one or the other challenge I haven't seen any business which said that we did not have any challenge so if the demand like you know last two years the consumers have really focused on themselves and their homes be it their education be it their looks be it their what they needed in their house to you know improve the house so most of the stuff went there and now when things have opened up most of the stuff has shifted towards travel and other experiences because they didn't step out for a long time so wherever they went there there had been a supply chain challenge for whatever has been going across the world in last two years on the other side they've been businesses which were totally challenged because things were shut down and whichever were more dependent on the physical presence those businesses didn't happen so mostly you know the business I don't want to miss the words but I think it's been a survival issue for all the businesses across the world so people are trying to all the leaders are trying to cope up understand and then within this there's been a big shift of consumer the way she buys the way she interacts with the brand the way she wants the brand to attend her that thing has also shifted more digital so it wouldn't be wrong to say that the mock tears and the business leaders are actually coping up the customer is evolving faster than the businesses thought it would and so little the average age of CEOs and CMOs across the corporate India is coming down now I'm not saying people like you and me don't understand digital but there are people who were born digital natives right and clearly their appreciation of what is happening in that space is better than us is that a fair comment to make that depends on the learning capability of all the business by adaptability what what what are when leaders are hiring when you are hiring a CMO or a brand manager what are you looking at in them which in some way brings the basics but also is able to bring skills that the CEO may not have so what are the skills that you're looking at in a brand manager today or in a CMO that you possibly didn't look at six years back eight years back ten years back so clearly the digital component or digital quotient if you want to call it that's become very very critical it doesn't matter the age actually doesn't matter why because people can have different interests at different points of time but yes definitely the digital native as we call them that generation certainly has an edge because they're actually using the product see the learning comes more from the using of the usage of the product so I think all the market year the CMOs it's no longer just a CMO it's a CDMO so you know you have a digital angle which is thrown in and that's very critical for your understanding because that's how you're going to engage with the consumer so if you don't know how the consumer engages with your product with your brand then it's going to be tough on so I think that component of the overall capability has definitely grown in terms of share within the overall capability of the individual my last question before I take two audience questions so keep your questions ready if you have any for Mr. Kapoor and I'll bring you in to ask the question Salil if you have to make three predictions for the future what would those be especially in the context of business and marketing if we met 12 to 18 months from now what would have happened give us three trends even if you don't want to call them predictions so what is happening already will further gain momentum however we will see much more stuff happening on personalized products right now which is more on personalized media and engagement so I think 3d is 3d printing is is something which is which is pretty underrated and underused right now it definitely grow the second thing which will happen is the large dependence on two or maybe three at most you know partners or aggregators will further you know the long tail is the share of the long tail will grow on on media digital media the third one is that the players apart from Google and meta will grow yeah so there is yeah so there are people who are going to be more on the niches which will grow so somebody from sports will grow big somebody from you never know but the way things are going with the point of view on the IPL broadcast right and digital rights prices I think it is good for the consumers as long as there are people competing for the rights and I'm sure the value is there and they will it's going to be tough but I'm sure there are marketeers who will bite into it the third one that's a very diplomatic answer you're my friend so that's how I can ask you I know you stay away from controversy in every way but you know because you've been you were with LG you've seen how LG built the brand in a very short by burst of advertising cricket was big then you were the CEO of DTH business at Disney you worked at Voltage now you're here clearly you know understand media and you understand the rights I I was writing a piece and I didn't write it eventually on the cricket rights and I texted Ashish Basheem and he said Anura cricket pedo kabhi hindu saambe payasal noose hotai nahi koi bhi value pick so that's the view of somebody like Ashish Basheem so I said there has to be some merit if you're saying that so clearly some people mirror the view you have shared but some people view that this is just good for PCC I it's not necessarily good for people who who are very consummate business professionals entrepreneur who really overpaid for it so I'll give you another angle here I feel that the cricket rights always when they're sold every year they're sold at a much higher price and every year we all feel that it's beyond the reach of the marketing marketing budgets that a lot of marketers have but every year they turn out in profit so yeah so and every time there are people who will bite into it and I'll tell you why because it's not one brand which is going for three decades or two decades earlier there are brands where you know you mentioned where I have worked and we would go and compete then there are brands which came into some other category and then the digital brands there's a lot of VC money there's a lot of private equity money which came in and you saw all the digital brands spending the money however I see a little lull in a year or two and that could be only not that the marketers don't want to spend the money and they don't see value of course they see the value the kind of eyeballs it generates nobody nothing else care the only love which might come is because of the the cash crunch which is temporary probably a year of liquidity stuff and which is because of you know global liquidity issues and inflation issues so that could spoil the party temporarily however in the long run it's never expensive okay we'll take two questions if there are any question I'm kid you want to ask a little any question can we get a mic to uncut he's not allowed Punjabi from Delhi he's from Bangla yeah it's better so sell it I think on the last point which you have raised around liquidity which I think is it's a fact now but while you said party is over but I think don't you think I never said party is over you can call it disrupted temporary okay so while I see it as a rationalization of that party right so there was a lot of irrational decision-making that was happening because of excessive liquidity so don't you think the rationalization is important for the ecosystem to be sustainable right while it's growing it needs to grow sustainably instead of crazily I fully agree with you and we're not talking about cricket rights here I was talking about that party this one the other one that you are hinting is also temporarily disrupted because it will it will separate as they say men from boys more stronger business models from the ones which are only dependent on cash burn which is good and this is always the time to build up stronger fundamentally strong businesses right but it's the the you know you know that things swing to extreme but 2008 happened 2009 was a bumper time and nobody at 2008 time thought that it will happen in six months one year time come back so far you know the the community the bankers and the and the financial community always swings to extremes very optimistic very pessimistic so you don't know when it will swing back I think same happened during the COVID down turn this way exactly exactly we all wrote off things and suddenly things came back in one quarter so see one thing I'll tell you when India is going to grow there is no question and of course the government can play a positive enabler but it will grow it has natural traction it is a market which is the biggest market it has an aspirational consumer the digital transformation in the last year has been accelerated by at least five if not ten years and you know again I must tell the audience Ankit is from bobble.ai and he applied for business world's 40 under 40 awards and and there's a reason I'm mentioning and he won of course and I was sitting in the jury and you know one of the jury members post everyone's presenting this ask we discussed the person who presented you know bobble.ai is possibly a zero to one company either zero or one if you know that concept but Peter they be very big because you're trying to change the basis of a business right it's a new so clearly for the first time look at UPI you know I used to say that in India we don't build product companies I mean UPI is a product company for I mean right look at ONDC read the latest cover of business world we have four pioneering people on the cover and who in various teams are doing a scale which is huge when DC will be the UPI of e-commerce so I think in India finally the scale for everything is bigger so that will sustain in my view the numbers possibly so that's my view one more question if there's somebody has a question the lady there can you get a mic to her we have Ajay Sharma of Bedinath post this and I'm sure it will be in a way it will be an exciting session tell us what is your name and what company do you work for we don't know about how much money in your Swiss bank account that you can tell us privately hello mr. Bhattra this is this is Kamna Hazrati I started my career with you with style candy oh yeah you're Kamna right right catching up after 13 years now I can yes I'm meeting you after 8 10 years so yes 13 years so 13 yes that's why I don't good to you texted me the other day about the link not working right finally worked and I am yes I sent it to me or somebody in the team yes go ahead Kamna go ahead ask the question hi mr. Kapoor so you know in your conversation you were hinting quite a couple of times that's it's it has been a tricky time for all of the market years you know how things have changed in the last two years you were also hinting how you know how the woman are purchasing now so in your field I understand the shift from offline to digital but could you please hint more on you know do you see is this a shift on maybe price wars do you see there is more local brands India has also awakened up to you know local made in India brands so we are nowhere you know no more just buying maybe a Reebok or a Nike we are also happy to buy a campus Sutra or our campus shoe right so in that case you know what what all do you think like not only just the shift from offline to digital but also you know maybe more nuances or maybe more details into it of how do you think that that shift is really happening as I said earlier that shift is not only significant on what people are tracking usually which is the purchase actual purchase offline versus online I think the initiation the development the comparison the valuation all that is very very critical for every brand I think it's more critical and that has shifted drastically to online because everybody has you know a device in the hand throughout and we spend our lives more with this than with anything else and I was looking at not you do so so so that throws a lot of data and that's the way you make a lot of decisions right so this is this component is very critical for all the market years because the entire evaluation and selection and everything is happening while the consumer is going through the digital journey that component has really not sunk in so deeply because all the stuff that you want to promote offline exactly getting shifted to online that is going to be more important and of course we will have the homegrown brands and there'll be various other things which will come up more and more the the I would say the integration and getting digital into our lives is already happening and that will continue that degree and that quotient will keep on increasing okay I think I must tell you I do spend time on the phone I haven't I've looked at my phone only once in this whatever time of conversation and since my friend Mr. Wade Shokla spends much more time than me on the phone I feel very happy I spent much less the time than him though I try not compare but but you know on a serious note I think all we started exchange for media 21 plus years back to build a B2B e-commerce company and my vision and style candy we closed it was not our lifestyle to be up in the night after 11 p.m. mostly but I told you that fashion e-commerce will happen and you know when I started at 13 if we had persisted it possibly but we feel in exchange for media to that time to build a B2B e-commerce business exchange for media is called exchange for media not because we wanted to build a media business because we were building a B2B marketplace for media for buying and selling of media time and space and we were pretty ahead of time 21 years back but I tell now all the time to build it is now one we have relationships with every stakeholder second I think the time in the environment is there so the whole we had envisaged the whole value chain he research copy I'm not time set I have Kia if you want to run a research spot you can do a sass you pay only for that spot you want to then buy you want to do fulfillment because just to give you just so I think in e-commerce there is natural traction today you know my parents were 80 plus search you know and then they get someone to buy my father still likes to go to bang but you know they have adapted to digital fairly well compared to pre-covid so I think everything I'm trying to recruit someone I'll go up I'm trying to buy something I invest fair bit in angel investing and you know I try to find out about the product reviews I go a secret the product you are invested in a coffee company called beingly you know again I like the product and I know the founders right it but I look at online has become a very important part you know of everything we do to taking feedback but for a lot of consumers that's the starting point they still want to visit the store in case of cars they still want to do a test drive in case of homes though people buying homes without visiting is grown but people still want to do that physical loop clovers what to say see the product so that hasn't changed no so just add to that I think some years ago somebody would have told me that I'll buy my running shoes online I would have I would have said no I want to wear them I want to use them and then see if I'm comfortable but now I buy online I never thought fashion will be really big online that people just on the site called boo.com in 21 years back in UK it's shut down to the first website it shut down for business reason and maybe it was also ahead of time but I think I still said touch and feel product to be King any couple of the online beginning I used to say code be boo.com example we're wrapping up yeah but so cars and and even the homes one day with all the VR being thrown in if you have a trusted builder and if you have a good quality VR you might not want to visit it is growing I said so please give Mr. Sunil Kapoor a big round of applause I don't buy sports shoes I'd like my friends to give me sports shoes I have a friend from my school who's the CEO of the best shoe company the most expensive shoe company he's actually novels classmate he's two batches you need to me and so you know I always wait for him to gift me shoes so that's a cute to you Salil you're a consumer durable brand so thank you I must say thank you in advance but give Mr. Salil Kapoor a big round of applause


Traveling can be an amazing, life-changing experience, but because of how unpredictable it can be, you have to approach it with the right mentality so that you can avoid stress and chaos. So that's why in today's video I'm going to be sharing with you the story of my latest travel experience of Turkey and how I almost ruined it so that you can avoid making the same mistake that I almost did.  And while I was there, I had amazing experiences. I made great friends and I made one particularly special friend and she goes by the name of Panar. Panar and I became such good friends over those four months that she was the last person to see me at the airport and not knowing if we'd ever see each other again, we still decided to talk almost every single day. We kept talking so much that we decided that even though we're an ocean apart, we'd still try at least once a year or so when we had enough money and time saved up to meet somewhere face to face. So over the last five years between these reunion trips, Panar and I go between six months to a year and a half without seeing each other. So these trips are pretty important to us. So this year we decided that we wanted to meet at her new home base, Istanbul, Turkey. Needless to say, after not seeing each other for six months, I was very excited for this trip and my expectations were high for it. And that was probably my first mistake because there was one caveat that was happening, actually a couple caveats. My mom would be joining us on this trip. My dad would be meeting us there and my two aunties, I think Michelle and the Gem would be joining us at different parts of the trip as well. So not only would this be a reunion trip, this would also have to be a family vacation. And figuring out how to balance those two things was not something that I was expecting to have to do, but it was something that we had to figure out. So I've had family vacations before and they've all been great. But the last time we had one with my dad was when I was probably in high school or college.  And it kind of felt reminiscent of that during the trip. If I'm being honest, which is a very strange mix when you are going on a trip to see your significant other. They were all lovely days, but it was definitely a balance between appeasing and making sure the family's having a good time and also spending quality time and intimate time with my partner. So that was an interesting mix. And then on top of that, we actually were able to take a trip around the country of Turkey. Unfortunately, but I could not join us for that because she had work. So now it was just my family and me visiting these different parts of the country. And it was beautiful. It was really marvelous and magnificent. Turkey is an incredible country with so much rich history. So I recommend anybody to go visit it. The thing is, this is going to sound messed up, but I wasn't there. I wasn't there for the things that Turkey holds. I was there to see Pinar. That was the whole main motivation behind buying this ticket. And so there was this weird conflict in me of me feeling, you know, sad that I couldn't be with her, but also this feeling of guilt for feeling this way when I'm halfway across the world in one of the most incredible countries in the world with my family. And this is where I started to realize my first big mistake of this trip. And that was having way too rigid of an expectation of what this trip was supposed to be. I went in expecting 100% that this trip would just be an amazing time with Pinar. And I didn't really account too much for the family side of things. And I think that led me to be disappointed, which is no one's fault but mine. And I think that's a big thing that I learned that I want to share with you is to make sure that you don't set your expectations too rigid when you travel or on a trip or even in general, because if you are so focused on a specific outcome, then it will blind you to the beauty of everything around you.  And that's exactly what happened to me. I think because I went into this trip so strongly wanting this to be a reunion trip between me and Pinar, I closed off the possibility of it being anything else. And that definitely interfered with the time that I was spending with my family. And it wasn't until I really thought about it more and really allowed myself to be more receptive to what could happen if I just was present in this trip and didn't have any expectations that things started to get better. Pinar was able to join us seven days into our turkey trip. And I think me opening up my mind to this not just being a reunion trip with Pinar, but also a family trip with Pinar. And I was able to meet her family, I was able to meet her mom and her brother and her brother and her mom were able to meet my parents. And this was the first time all of this was really happening. And the first time they even really got to sit down and have a meal together. So everything was really just beautiful. And it's really motivating me to be in this position where I'm now in my new apartment and starting a whole new chapter of my life to really grow into the person that can provide and contribute for Pinar, for my family. I hope that my reflections have offered some sort of value to you guys and your future endeavors and your future travels. So thank you for watching and I'll catch you guys very soon. Sayonara. See you later.


green forward, red back. Hello? Okay, great. Hello, everyone. My name is Robert Habermeyer. I work at Parity Technologies. And one of the projects that I worked on was a light client for Ethereum. If you're not familiar with Parity, basically we build an Ethereum node. So I'm going to talk about one mode of operation of that node. So first, I'd like to split up the classifications of Ethereum clients. So actually we can split these pretty easily into three categories. The first would be a full node. So when you run a node today, you're mostly just running a full node. And that means that you download all the block headers and you check the consensus process. And then you download the block bodies as well. And you check that all the transactions have been executed correctly and that they're actually valid.  You've checked absolutely everything you can. But what we've seen is that as the blockchain goes heavier and longer, it takes a very large amount of time, resources both for storage and computation and memory, to actually synchronize a full client and use it. So it's not exactly user-friendly in this sense. So if you wanted to run a client on your laptop, you couldn't necessarily run a full node. So the other kind of client that we talk about is a light client. So in a light client, what you do is you verify the block headers, but you're not checking the transactions. And that means that you're checking that mining or staking has been done correctly. But you're not actually executing those transactions to see if the output state is correct from the previous state and the new transactions that have been added. And the last kind of client that we have, which I'm not going to talk about too much today, but is relevant to the protocol that I'm going to discuss now, is a thin client. So a thin client isn't checking the consensus process itself, but rather has somebody else do that checking for them and checks it and trusts that and then confetch data about the chain in the same way that a light client would. So a light client has these security guarantees. So it's checking the validity of headers. It doesn't check the validity of state transitions necessarily. And this might leave us open to some kind of attack. So perhaps a miner would introduce an invalid state transition. And the thing is these kinds of attacks are not particularly likely because they have to be, first of all, targeted. So you have to target a specific person. And that's because of the assumption that we have that miners will only build on top of valid blocks or at least a majority of miners. When we talk about the group of miners as a whole, we say they're acting honestly. So they couldn't necessarily perform this kind of attack on the whole network, but on a specific targeted person they could if they took up all their peer slots and started sending them fake headers. But we also have some kinds of routing mechanisms, for example, something called K buckets, which are Sibyl attack resistant, which means that it's actually, if you have an established peer slot, it's very difficult for an attacker to fill up those peer slots and push your valid peers out. So I would say light clients are very useful for low value or medium value use cases. But of course, if you're transacting millions of dollars, you would probably want to have the security of a full node because that kind of activity would leave you maybe open to attack. And those kinds of attacks just to clarify are really just about tricking a user into taking different kinds of actions based on showing them a wrong state. So they can't actually steal money from them without the user taking action themselves. So we have some network protocol goals. So the first would be to minimize round trips and bandwidth because in a light client, you are requesting data from your peers. And if you want to run this on a mobile device or on low bandwidth connections, you need to minimize those round trips. You want to reduce that latency. We also want provable data, which means that you don't rely on any more trust assumption than the fact that miners are updating state transitions correctly. And of course, we have full clients who are serving the light nodes over the network. And we don't want these guys to get dosed. We don't want them to get overloaded. We need a sensible way to meter the requests that are being made to them. So in the next section, I'm going to basically discuss a few of the tools that we use to achieve this. So the first is back referencing. When you make a network request, what you can do is put multiple requests in the same packet, but further requests in the packet can rely on unresolved outputs of the prior request. So for example, you can say I have a block number and I want to get the header for that block. But once I have the header for that block, I want the state of this account at that block. And once I have that account, I'd like to inspect some of its storage. And this is actually a very powerful tool because we can express very fluid kinds of requests in a single round trip to the network, which means that the response time of the light client is going to be much lower. Another tool that we have is mostly useful for doing things like checking the result of a transaction execution on the light client, which is that what you could do is start to execute the code. So you fetch the code from the network, and then you see that the code execution needs to get some account. So we go one round trip to get that account, and then back, execute a little further, and we get some more data from the state. And you see that over time, we're jumping back and forth into the network just to execute that transaction and see what the result would be. But rather, what we can do is get a full subset, the subset of the state tree, so the state is stored in a tree, which is necessary to execute that transaction fully.  And it's unpredictable, actually, what kinds of data are going to be requested, even if the contract state itself has not changed. So another thing we're looking into is ways of expressing that a contract in fact doesn't do things like branch on the amount of gas provided to the transaction, that we can prove that if this contract state itself has not changed, that the output will always be the same, and that will let us re-execute from this cached state proof over and over and over again until finally it does change. That's very useful for reducing bandwidth as well. So the metering system we use is something that we would call request credits. So serving nodes are giving peers credits. So these credits are pretty arbitrary. Each node comes up with its own pricing scheme, which is based on data it gathers over time on how long these requests are taking to serve. And then the light client peers which want to request data are sort of spending these credits to get things like blockbodies or to see what the outputs of transaction execution would be. And we could make this micro payment based in the future. That's another active area of research because in fact in the future I think it's very unlikely that your average person will be running a full node. Yet we need full nodes on the network to be able to serve the request to light clients. So you need an incentivization layer and request credits, although right now they're simply just time based, just provide a sort of foundation that we could build micro payments on to in the future. And it's a very generic mechanism that we could plug a whole lot of different schemes into. And of course these different requests have different costs. So in the case of getting a transaction execution, you're actually paying per unit of gas, per unit of computation, whereas if you're fetching a bunch of headers, you're paying per header. So another cool thing is publish subscribe. So that's kind of fun to bake into the protocol because when you're polling for things like log events changing, and that means that on the light client you may be checking bloom filters and things like that and fetching a bunch of headers from the network, which may be false positives. So in fact the full node peers know better than we do when something has changed. So allowing subscriptions at the protocol level means that we can have a much more efficient light client. The caveat is that it's semi difficult to catch out peers who don't publish when they're supposed to. So for example, if we're tracking log events in some contract, and this peer is supposed to send us a message when log event is issued but doesn't, it's fairly difficult to catch them out without doing some kind of periodic checking of the validity of data. But if the network is mostly honest and the damage that they can do by omitting log events or such isn't that high, it's very unlikely that they would do it. So I would like to, now that I have you all here, make a little bit of a block pruning proposal. So for example, right now we have all nodes storing all the block chain. And that's a pretty high storage requirement. And in fact, we can do much better. So one thing we can do on a light client is actually store almost none of the history. And we can do this through a tool called canonical hash trees, which we'll abbreviate to CHT. And the basic idea is that for every, and these, so Geth actually has canonical hash trees, but they work slightly differently. And I can explain the difference. But in parity, what they do is every batch of say 2048 or 4096 blocks, you basically make a tree, like a Merkel tree, mapping block number to the canonical block hash as the light client has seen. So the light client syncs the network and it sees that in ancient history, block one had a certain hash. So we have a little diagram here. And they can make this table and essentially condense this tree made of this table down into a single 32 byte hash. So instead of a light client storing all those 2048 block headers, it's just storing a single 32 byte hash. And if we have a full client peer, who has the same history, they can give us a Merkel proof of that 32 byte hash of the tree starting at that 32 byte hash to give us that block header, even though the light client itself has discarded it, which is a pretty powerful tool. It means that instead of storing megabytes and megabytes or possibly gigabytes of headers, we're just storing a few kilobytes, no matter how long the chain gets, even to the hundreds of millions of blocks. And the reason we choose to have separate trees is so that the light client can calculate them as it goes, and furthermore that full nodes can recalculate them on the fly. So the full nodes don't necessarily need to store these roots, but when it receives a request for the canonical block hash of a certain block number, then it can rebuild, reconstruct that tree on the fly when it's going to serve that request. So we can do something similar on full nodes. So we already use this distributed hash table style routing in the network protocol, although it's not really used for anything. Right now we expect that all nodes are storing all data, which is an assumption that we'd like to relax. So we have this idea of splitting up nodes by node ID. So every node has a 160-bit ID, or it may be a slightly different number, but it's not particularly important exactly how long the ID is. But we split up, in the routing mechanism of each of each node, we split up all the peers that it has into buckets prefixed by certain IDs. So that means that each peer is trying to have a certain number of other peers whose IDs are distributed fairly uniformly across that ID space. So in the DHT, or distributed hash table world, what we're doing is saying nodes with an ID close to the hash of the file we're trying to store are responsible for storing this file. We can do something fairly similar for block pruning and say nodes whose ID starts with 0001 are going to serve the first out of every batch of blocks. So we can split up the whole block chain into, say, batches of 2048 or 4096. And we can say, okay, these batches are going to proceed in cycles of 16 or 32 or 256. And a node whose ID starts with 0001 is going to serve every one out of 256 batches. Or the person whose ID starts with 0004 is going to serve every fourth batch out of every group of 256 batches. So the amount of space we can cut down is really determined by how many peers the average node is likely to have. So if we have, right now, it's not really reasonable to assume that every node is going to be able to connect to 256 nodes. But 16 or 32 is fairly reasonable. And that means that you can always find a peer who's going to be able to serve you the next 2048 or 4096 blocks. But those peers themselves have cut down their storage requirement by quite a large amount. So I'm actually really interested to hear what you guys think about this proposal. Please find me after. I think it's a pretty good idea. So another thing that we can do on light nodes to get up to speed really quickly is warp sync. So the way it works right now is that you have to synchronize the whole block chain, essentially. You have to go from header zero from the genesis and walk the whole chain all the way to the head of the chain. But in fact, most of the time users don't care about that very ancient data. So we can introduce something like warp sync to try and get users caught up to the head of the chain quickly. And in the current formulation of Ethereum, you have this sort of thin client security level as soon as you have warp synced. But then when you download the ancient block headers later, you can jump up to like a regular light client level of security. So you have exactly the same security proposition as if you had synced directly from the genesis. But in future versions of Ethereum, most specifically EIP96 or in proof of stake that finalizes blocks economically, you can jump directly to the head of the chain basically without sacrificing security. And ancient block download might still be useful in that case if you want to see what the state of a contract was months ago. But that can be done say on Wi-Fi on a mobile device where you warp sync when you first start the app regardless of your connection. But you don't want to waste the bandwidth over data to download all those blocks, all those ancient blocks. So you wait until you're on Wi-Fi to finish that process. And that's a pretty useful way to do things. So I'd like to talk a bit about some RPC pitfalls. So if you're developing on a light client, what works and what doesn't? Because we have all these RPC requests that seem fairly simple, ways to gather data about the blockchain from the node. But some of them under the hood might be doing a lot of work even on full nodes and on light nodes, it's important to know actually which requests are going to be the most expensive. So first of all, getting logs can be very expensive, especially if you're trying to get all the logs in the history of everything. That means that if you're on a light client, which isn't storing all the headers, you need to then download all these headers, then check bloom filters, which may have false positives, and then finally get receipts and scan for logs. So that's a lot of bandwidth. Whereas if you're just watching the head of the chain for log events, it's actually fairly, fairly performant. But if you're trying to get historical logs, it can be very difficult. And the reason is they aren't embedded into that Merkle tree of the state. It's why they're cheaper, but it's also why they're more expensive to request for more ancient data. So there are a few approaches that you can have. So you could have your peers search for you. But again, you don't necessarily know that they've given you all the data they were supposed to. You can search locally, which is what I just described, which is to actually go through this long and involved process of downloading everything. Or you can keep some metadata. So that's also another approach where the light clients keep some metadata that helps them search. But again, it raises that storage requirement significantly, and there's not really a good way to bring that down. And if we're trying to target, say, the mobile space where users don't have that much storage, it may not really be feasible. Whereas on the laptop case, you do have that storage, and maybe searching logs can be effective in that case. Another problem is getting stuff by hash. So for recent data, transactions and receipts, you don't know anything but the hash, if you just broadcast a transaction, because that transaction may have not even been mined yet. But the problem is hashes by design leak no information about the block number. So if it's a block hash, you don't know which peer to ask for the block whose hash is that transaction hashes are even a little bit worse, because you have to find out where in the blockchain that transaction hash occurred, and there are multiple different forks where that could occur. And actually with one of the new EIPs, we can have the same transaction, exact transaction included in the chain multiple times, which just means even more work for the light client to check. And for checking these transactions and receipts, it means that the full nodes have to maintain this fairly expensive index mapping transaction hashes to maintain this very expensive index mapping transaction. So that's what I'm going to do. I'm going to go through their location in the blockchain. And lastly, estimating gas. So these state proofs that I talked about before can be used for estimate gas and eth underscore call. But the thing is with estimate gas, the typical approach is to binary search to find out exactly how much gas a transaction will take. So you start at some very high upper bound, and then you try at a lower bound, and then you sort of narrow in, you zoom in on exactly where that transaction begins to take place. The problem is that in the general case, contracts can branch on the amount of gas provided. So that means that the same state proof that you fetched for the upper bound case may not be enough to re-execute on the lower bound case, and that means you might have to take more round trips in general. So this is something to be used fairly sparingly, only when really necessary, and also think about the contracts you write so that they don't play poorly with light clients. And lastly, I'd like to take a little bit of time to talk about the light client plus whisper ecosystem. So we've seen that light clients can be very useful in mobile devices, but then there's also things like whisper, which people are going to talk about a bit more, which is for decentralized encrypted messaging, essentially with darkness as well. So it's like a global published subscribe system where people can't actually see what topics you're listening for. So that actually makes for some pretty interesting platforms like status to emerge, where you can have dApps running on your phone that are messaging with people doing medium latency state channels. It could even be used, for example, as for the state channels, micropayments layer of the light client request credits. And of course, we have a roadmap. So this is actually something you can mostly use today. So it's in our beta releases. You can just run parity with the dash dash light flag. The UI is still being rebuilt around light client best practices because it was written mostly with a full client in mind, but actually we're undergoing this rewrite basically now. But if you access the RPCs directly, or if you're using the Chrome extension and you just have some dApp that's running independently of it, it basically will work. I even registered a few names on the ENS using it. It does work in that case if you have peers. And another really interesting project that we're thinking of that we're starting to do is compiling the light client down to web assembly. So we're writing everything in this language called rust, which is very low level. It sits at roughly the same level as C or C plus plus, which means it has no garbage collection or runtime. And that means it's going to be compiled down to web assembly. And that means that we could have this same light client implementation storage embedded directly into a browser window. And I think that'll be very interesting to see how dApp developers use that. And if you'd like to follow the progress, I would recommend you do so at the parody text slash parody repository.  Well, thank you very much. You