"turing complete is the wrong tool... what our systems do is verification, not computation. This cognitive error confers no advantage, outside of marketing to people with a fuzzy idea of what smart contracts might be good for...” gmaxwell, 2016 https://bitcointalk.org/index.php?topic=1427885.msg14601127#msg14601127 …
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Maybe I’m talking to the wrong people. I wish I knew more folks who are interested in using smart contracts for that kind of thing. Usually I find myself walking clients through why smart contracts might not be the best fit for a dating app
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On this particular topic (in contrast to most others crypto-related), people focused on Bitcoin are definitely the wrong people to talk to. But the Ethereum community is very noisy so it is hard to find the many valuable needles in its haystack.
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If Turing complete smart contracts could indeed produce value, that still leaves a big question: if it should be on a standalone “Turing complete, decentralize all the things” chain or built on top of a secure, low entropy, immutable sound money (as a sidecchain / other layer)
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Well you’d have to first show us how to build it as a second layer though
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There are probably ways to approximate the Turing complete needs without actually being fully Turing complete. Isn’t this the goal of simplicity? But I do think this is one of the most important areas of research
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Yes, the goal is literally named Simplicity: https://medium.com/@danrobinson/understanding-simplicity-implementing-a-smart-contract-language-in-30-lines-of-haskell-827521bfeb4d … Simplicity is a non-turing complete smart contract language that (presumably) allows everything that you'd want from a TC language, but statically prevents the footgun scenarios we've seen with Ethereum.
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A non-TC language cannot allow everything you might want from a TC language.
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Agreed, but how useful are things like infinite looping in a smart contract language? Is there a known list of types of practical smart contracts that can't be accomplished without TC? From my limited understanding each element of the list that you provided could be.
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Amoveo is optimized for CFDs derivatives and trust-minimized intermediation of ash flows. It moves the computation for these applications off-chain into the lightning network. We need an oracle for these applications. Amoveo has an affordable cryptoeconomically secure oracle.
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What are the differences in the trust assumptions Amoveo makes in the Lightning computatoins, vs. the trust assumptions Ethereum makes with its on-chain computations?
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With channels you need to come online periodically to check that your partner isn't closing at the wrong state. The frequency you have to come online is a variable that is customized for each channel. And you can hire untrusted third parties to prevent this kind of theft.
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how about car registration, multsig between insurer, registration authority and person to stop registration authority from deregistering a vehicle without notification rendering insurance invalid and leaving the person unknowingly exposed to unlimited lliability
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