36:37 And yeah, I definitely think that a lot of times with crypto conversations they can get too fundamental like what is the blockchain and all this kind of stuff. There's so much out there that if people need to be brought up to speed go bring yourself up to speed but one aspect of this protocol that i think it's interesting maybe a lot of people haven't heard about heard elaborated on would be proof of time or this minting aspect as compared to proof of work, which Bitcoin uses. Or proof-of-stake which is being considered the next big thing help people understand these mechanisms and what Cordell does differently and almost uniquely because I don't think I've heard of another proof of time project
37:22 Yeah, so Cordel in itself is its own blockchain. It was developed from the ground up it's been about six years in the making really kind of the original ethics and momentum of Bitcoin came out of the cypherpunk mentality right from the 80s and 90s I always think that movie like hacker or whatever from the nineties you know like guys on rollerblades wearing neon but Yeah, it was really these underground cypherpunks who saw that the Bitcoin model of proof-of-work while ingenious on so many ways and really we are fans of bitcoin because the proof-of-work model is important to understand. And really the proof-of-work model is based on traditional classic economics of supply and demand and based on the idea of computers competing against each other
38:09 to solve complex problems based on a specific difficulty setting, to allow for a completely transparent and decentralized mechanism of maintaining truth on a digital network—what we call blockchain. An extremely important innovation and something that I think will be like the printing press used for hundreds if not thousands of years. There are limitations though to proof-of-work in terms the egalitarian nature of it because it does tend to centralize, because in the end there is a race for computing power. And the race for computing power essentially means those who can afford to buy the best computers and those who can team up and create the biggest mining systems will thus have more what they call hashing power which will give you more power on the Bitcoin or whatever proof-of-work blockchain
39:03 And the other thing too about Bitcoin is it's based on a scarcity model, which is fine for the mechanism of what it's turned into. deflationary or having a deflationary economic model for basically digital gold, right? Having a savings account. It makes a lot of sense. However like any technology there are other variants and uses that can be ascertained out of the blockchain model and one thing that we saw a problem with Bitcoin for what we're trying to tackle which is creating a new hosting paradigm
39:43 is that it really needs to be as egalitarian as possible. We want the network to be as decentralized and run by every single individual in the world if we really want to create a new internet, which originally that's what the internet was before the Internet Service Providers came about—the CompuServes and AOLs The nerds of the world would connect person to person on the internet. You'd plug in your phone modem and dial in, go onto one of those old boards and forums and interact person-to-person through your connection And we wanted to get back to that. So in order to do that, we need an economic model that incentivizes and is as completely universal and fair as possible." We were thinking well what would be the value metric for that? What is something everybody has access to? In a human condition what is the thing everyone can relate to and everyone has access too? That of course is time! We're all here for a certain amount of time right nobody gets out alive
40:40 So by figuring out a way to not only create an egalitarian model where everybody shares a piece of the pie, but also based upon something that everybody has access to we're able to come up with minting which essentially is our own consensus model basically just tracks the amount of time that you are running your own node supporting the network. So simple! Think of it as like a BitTorrent, right? A BitTorrent traditionally... You put the software on your computer and you start essentially supporting bits of everybody's data That's all essentially we're doing but with a blockchain attached And the blockchain allows for the universal transparent ledger
41:24 built in time, just like the Bitcoin blockchain. However, the difference being that unlike proof of work where you're competing with computers to get the prize right? The coin when you quote unquote win a block this is just everybody's pulling in all together we're all in this together were collaborating together and every minute we have minute blocks everybody shares a piece of the pie so everybody at every minute based upon how many users there are how many full nodes are running There is a specific block reward that comes out and gets split across the entire board. So, what we did is we essentially were able to... One of the big problems with Bitcoin is the Bitcoin mining pools that have taken over where they are taking everyone's little bit of hashing power and spreading the block reward amongst pool members. We said well, we'll just make one big pool and then everybody shares. And then of course, we do have a leveling system which we can talk about which gives us a sense of authority based upon how much time and how much basically you've given time-wise to the network
42:26 And that allows for not only further rewards, but also voting and opens up a whole amazing opportunity for us to be agile and creative in the ways that we can upgrade the system depending on what trials and tribulations come ahead. So unlike Bitcoin that relies upon the miners to make these decisions on the future of the protocol this is actually done through a much more egalitarian voting method that still also does honor those leaders who started it, the elders if you will who are higher levels based upon the amount of time they put in it. So it's not just pure democracy mob rule. It's based kind of more on a model of republic if you will where those who have put more time that are more knowledgeable have a little bit more weight on the voting so that in essence is kind of what we developed there's a lot more to it but
43:21 It's fun. Anybody can jump in right now and once you've proven yourself over 7,200 blocks or that's about five days of running the blockchain you get sponsored by someone who is level 5 or above it's kind of a little protection mechanism so you need to find an elder who will allow you to come into the tribe It's very easy to do. Basically, you just prove you're a real human being and that you want to be apart and then you run the node for 7200 blocks and then hit level 1. Then every minute you start earning coins! You can take part in the beautiful thing that is Cordal.