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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 …
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.
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".
Yes, but it also blurs the fact that we are talking about computer code/functions. It blurs the idea/fact that Web 3.0 is server side code running on a shared infrastructure rather than a centralized client/server HTTP infrastructure. For that reason it's not great terminology.
Actually it's "Web 3,0" that is the awful terminology. It connotes sloppy programming where security and reliability are low priorities: quite the opposite kind of programming from what we need when controlling assets such as cryptocurrencies and security or utility tokens.
"Web 3.0" isn't "awful" terminology and it does not connote what you say it does. It connotes a "web" infrastructure that is the successor to client/server HTTP. That is not "awful". It's better terminology than "smart contracts" which do not actually convey what they are: code
Just a question. If your concept is used outside of the blockchain (applied to a non-blockchain system) would you still call it "smart contract"?
Yes, albeit probably a rather poor smart contract, since trust-minimized blockchains provide far more secure control over assets. I thought up smart Ks many years before the appearance of trust-minimized blockchain scripts in Bitcoin etc., which made smart Ks far more practical.
That's why I asked. When you came up with this term in late 90's there was no blockchain. So, outside of the blockchain, what would differ a smart contract from any automatized contract?
Sooo. Smart swaps.
Oracular assertions.
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