That said, if your dApp/persistent script doesn't control assets or, short of invoking traditional law, incentivize performance, it's not a smart contract and you should call it something else.
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"Smart contract" is a very useful concept & phrase. "Smart" as in "smart phone" (shorthand for computerized phone), "contract" meaning it does some important things we previously relied on contracts to do for our deals, especially controlling assets & incentivizing performance.https://twitter.com/timoncc/status/1051420695488552960 …
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Worrying about whether a smart contract is "legally enforceable" reflects a profound misunderstanding. The main relation of smart Ks to traditional courts is that smart Ks control burden of lawsuit. If "possession is 90% of the law", then a good smart K may be "99% of the law".
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Unfortunately many ignorant people (sadly, many lawyers) are misusing the phrase, which suggests it should be changed. Instead of thinking of "smart Ks" as a contract alternative or a contract performance method, they are thinking of it as a contract. Much ink has been spilled.
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That's their problem, it needn't be ours.
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Fair point! I must admit I've gotten really, really used to saying "smart contract" and it would be hard to stop.
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I think it's important to distinguish "smart contract" as a conceptual agreement from a script which implements it. Say, atomic swap is an agreement, and thus can be called a smart contract. It can be implemented using a several components, particularly, wallet software and
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blockchain scripts. Each script by itself is NOT a smart contract, it is a part of an implementation which only makes sense as a part of the protocol. I used this example in a talk about smart contracts I gave few months ago:https://youtu.be/lTfzyidDHRQ?t=285 …
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Hash-lock script doesn't have any information about price, or what is being exchange, it is essentially just a cryptographic primitive.
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Where a hash-lock script is controlling assets and, as with collateral, incentivizing a performance, it's reasonable to call it a smart contract, although I'd tend to apply the phrase to the broader pieces of code making use of the hash-lock to structure deals.
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First off, thanks for engaging. Been waiting for this for a while. Second, that’s a whale of a stretch from your OG definition of
#smartcontract. Does “some important things” that a “traditional contract” does ...like enforcement? If so, how, exactly? Legally speaking, that is. -
Once property is mostly digitally recorded / represented / native then code-based enforcement is not only possible but also desirable. Traditional fiat le becomes irrelevant. True ppl can sue in normal courts but these don't have the technical ability to enforce anymore
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How will you ever represent real property digitally without being able to cut this link? Certainly under existing law courts of law can impound real property, with little regards as to what happens to its onchain representation.
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Hi Oscar, what you say is absolutely true today. But paradigms do shift see https://en.m.wikipedia.org/wiki/Red_flag_traffic_laws … how do normal people even drive a car if they require 3 ppl... At some points horses on the road went away. Law is always late to the party
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Furthermore what you say is particularly relevant for immovable property, what about cryptokitty and decentraland these are digital native. Today most of the stuff we give value to is closer your side of the spectrum but what about the future?
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What about patents, music rights, value that comes from international agreements? Life is more and more digital value is going that way too, freeing itself from its local/phisical nature. We need to think about that possible world as well
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For native digital assets I probably agree, even though mostly because of the technical impossibility to implement a court order with respect to transferring the ownership
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The problem is not that "smart contracts" has become a buzzword for anyone to abuse. The problem is that this has happened before we even reached any real world application beyond legacy systems.
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It will likely take a few more years until the full impact of smart contracts is felt, but already we can see just how revolutionary this concept is.
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Once they become mainstream we will see the cost of construction drop precipitously..The advent of Smart Contracts will negate the courts in a lot of ways, however until the day they are widely accepted the courts could still intervene for unfair practices.
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