in

Smart Contract

Smart Contract



View Reddit by devborichaView Source

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

33 Comments

  1. I like Vitaliks explanation of smart contracts: “It’s like a vending machine. You put money in, and candy comes out. A vending machine is a physical device that executes the rules of agreement. But a vending machine can be broken. By digitalizing the concept, cryptography makes these contracts far more secure and powerful.”

  2. We had phones, then we had smart phones, we had cars, now we have smart cars. We had contracts, now we have smart contracts. This in only the begging, would kill to see how this technology evolves in the next 5 years, hopefully things have changed for the best.

  3. Can someone explain the following.

    Q1. In an eBay style set up how would smart contracts deal with the seller shipping a fake product to what the buyer thought they were getting?

    Q2. How about if the buyer pretended the product was faulty on arrival when it wasn’t?

    Q3. In a supply chain context, where a farmer sends their premium coffee beans to the distributor, how can we be sure the distributor isn’t then mixing the coffee beans with a non premium variety and then selling it on, then selling the excess inventory from a “fake” farm they have set up? In other words how can we be sure that the produce at the end is the same produce at the start?

  4. And there you see the issue: The nodes can just verify the signature and the contract, but not the link into the real world.

    So as it turns out, NFTs and Token Economy is all just bullshirt.

    Smart contracts are worthless unless they process the chain’s native token only.

  5. Nice graphic, but the little bit on the right that says “if the network agrees” needs to be explained more. Because the algorithmic execution of the contract result is relatively clear, it’s replacing the traditional inputs that is not.

    How does the smart contract know that X happened?

  6. Something I’m failing to understand is where the protection comes in?

    What happens if Dee accepts Tom’s money, and then doesn’t send him the product?
    In traditional contracts (IE going through paypal or a credit company) you have the ability to file against fraudulent charges and often get your money back.

    Is there a way for Tom to get his money back if the product is not delivered; or does this rely on outside enforcement of terms?

  7. I used to be a cryptoconvert but I now think it’s the biggest flash in the pan, solving a non-problem waste of time in 99% of situations. Your smart contract problem can be solved by holding cash in escrow with someone like a lawyer or a bank, which is how transactions have functioned for centuries now. Unless you’re selling arms to ISIS, you don’t need this solution

Loading…

0

What do you think?

LTO Network launching treasury Pool. Buying 3mm tokens for a client. Adoption of crypto is accelerting.

Finally invested in some security instead of buying random shitcoins