4 ms·
I believe you will be able to incorporate a company, including things like naming members, releasing token representations of stock etc. on the Pax platform. So
by physes 11y ago
I believe you will be able to incorporate a company, including things like naming members, releasing token representations of stock etc. on the Pax platform. So the actual legal entity will exist autonomously on the blockchain. In this situation, a legal scripting language would very easily handle all the agreements involved in your negotiations- transferring ownership of the company, stock etc.
The line about didactic contracts being unread was related to the example of "terms and conditions". As you admitted yourself, even for high stakes contracts it is your attorneys who read and understand the contracts, not the people who must consent to be bound by the terms. It would be better to simplify legal matters completely by focussing on executables.
- NotSammyHagar 11y agoHow will the ethereum contract program know that the worker's terms are met? If someone contracts me to build a program, and I get paid when it's done, how do you define done, which is even hard in real life. Programmatically, I could assign them ownership of a domain, or maybe a github repository? I don't see how in a world where finished is ambiguous, this can work. If this was an advertising or marketing contract, and I paid part of it as we go, how could a computer program contract know when milestones are reached? The only feasible way I see if the buyer has to say "milestone x reached" electronically. But if that's the triggering mechanism, then what happens if the buyer never does that? It seems no better or worse than regular contracting.