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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (303343)	6/29/2016 9:29:26 PM
From: Sun Tzu	Respond to of 541627

Not quite smart contracts. That is more like an internal currency that you spend for bandwidth priority [eMule network] and in case of torrent, which is what I think you are describing, a leech is someone who has downloaded a file but is not sharing it. It says nothing about what their sharing history is. A smart contract has two major pieces: There is a public ledger where everyone in the network is witness to the transaction and therefore enforces it (there are no possibilities for "bad credit"). And there is set of "If-This-Then-That" provisos that automatically execute the contract when conditions are met. The simplest and most likely current use for smart contracts is in settling international trade because it will eliminate the need for letters of credit and will allow counterparty bank settlement in hours rather than days. Bank and/or exchange clearing houses will be unnecessary. This use case should come to pass over the next 3 years or so. There are 3 major stumbling blocks to smart contracts: (1) presently they are not scalable and fast enough. We don't have the technology to hand the volume of trade necessary. (2) security is a major concern because all software has bugs and you don't want your money to have bugs in it. And (3) the people most threatened by smart contracts are the same ones who are spending the most money in their R&D because they want to figure out a way to have their cake and eat it too. Their lobbying efforts and misuse of patents and copyright will be a problem. But eventually there will be no way for any government to prevent the rise of private currencies. Everyone will be able to issue shares in what they own use those shares as currency. ST