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I think cryptocurrencies could be part of a novel arbitration system, actually. Parties to a human-readable contract put up a bond on a smart contract which aut
by AlexCoventry 8y ago
I think cryptocurrencies could be part of a novel arbitration system, actually. Parties to a human-readable contract put up a bond on a smart contract which authorizes some mutually agreed arbitrator to disburse the bonds on completion of the contract, according to how things turned out. It's an irrevocable submission to the arbitrator's authority over restitution and punishment, but the smart contract prevents the arbitrator from absconding with the bonds (though they could still collude with one of the participants.)
- tylersmith 8y agoThis is how we do arbitration in OpenBazaar. Users can offer their services as arbitrators and compete on terms, price, and reputation. When a buyer makes a purchase they can choose one from a list of ones pre-approved by the seller. Then funds are sent to a 2-of-3 multisig address where each of the parties has 1 key.
- lifeisstillgood 8y agoI don't see the difference - both parties are agreeing to submit to a third party decision. Given most lands have hundreds of years of case law, generally strong ethical expectations of judiciary etc, I think this would be something i would only trust as an escrow service still under a strong legal system