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If that's the case then I'm confused as to where the cryptocurrency comes in. A security deposit works just as well with fiat cash as it does with cryptocurrenc
by homogeneous 10y ago
If that's the case then I'm confused as to where the cryptocurrency comes in. A security deposit works just as well with fiat cash as it does with cryptocurrency and in your example there is no money exchanged at all.
- jsprogrammer 10y agoMoney is only a token of value. What if you were unable to accept cash (for example, you are on vacation)? Wouldn't it be useful to make a deposit on a car, right before you use it? What hasn't been explained here, are what guarantees the depositor receives.
- homogeneous 10y agoI just don't see how ethereum (or even bitcoin) is useful here. If you make a deposit on a rental vehicle then the deposit will be returned when you return the vehicle as it was given to you. Why is a smart contract needed?
- jsprogrammer 10y agoWhen you do not want to be there to physically collect the deposit?
- homogeneous 10y agoCertainly a smart contract is not necessary for that.
- jsprogrammer 10y agoCan you link to such an implementation?
- homogeneous 10y agoI'm not really sure what you're asking for. If you're looking for a system capable of accepting payment without an attendant there are many. Here is just one example: http://bw-2e2c4bf7ceaa4712a72dd5ee136dc9a8-bwcore.s3.amazonaws.com/articles/WalmartSelfCheckoutlarge.jpg http://bw-2e2c4bf7ceaa4712a72dd5ee136dc9a8-bwcore.s3.amazona... If this is not the type of device you're talking about please be more specific.
- jsprogrammer 10y agoI was thinking of a system that would let you place a deposit immediately before rental (imagine a rental car in a public lot) and then automatically receive your deposit back when you are done with the car (which was possibly even left in a different lot). I'm thinking the car would use its sensor system to detect if any damage might have occurred and if not, it could trigger the return of a deposit as soon as the vehicle is locked.
- homogeneous 10y agoThe system you describe is already possible today without the need for a smart contract.
- jsprogrammer 10y agoCan you link to an implementation? Admittedly, I don't really understand the distinction of a "smart contract". I am only describing the function of the system that there was some confusion over.
- homogeneous 10y agoOk. What I'm saying is that the ability to accept and relinquish an automated security deposit does not require a decentralized technology such as ethereum or even bitcoin. A machine (like the one I linked above) can accept money and dispense money at the discretion of the business rules that determine the appropriate criteria for these operations (via car sensors or whatever).