I think it's best to think "distributed computer program" when you hear "smart contract" in relation to blockchain-based code. The initial decentralized applica

I think it's best to think "distributed computer program" when you hear "smart contract" in relation to blockchain-based code. The initial decentralized applications that will be built on blockchains will not be trying to emulate legal contracts. They will rather be focusing on things like a decentralized Dropbox, fully decentralized messaging, decentralized social networking, etc... You can make a separate argument about whether those things will succeed or not, yet they are certainly not legal code. Nick Szabo invented the term "smart contract" and his favorite example is a vending machine: you put money in, it gives you what you ask for.