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Smart contracts allow you to completely shortcut intermediaries and their fees in the case where everything goes right or can be checked objectively by an algor

by vntok 8y ago

Smart contracts allow you to completely shortcut intermediaries and their fees in the case where everything goes right or can be checked objectively by an algorithm (ex price of a commodity on a particular platform at a particular time). With a multisig escrow account, if you and your counterpart both agree to transfer the funds, or both agree to unlock the funds, there is essentially no fee to give away to anyone else. If something goes wrong and you don't agree anymore, well then you can involve authorities from the real world.

beaconstudios 8y ago
but the issue at hand is the case where the multisig contract has a bug and one party (or even a third party) can trigger a transfer of funds or render the funds inaccessible.
- mbrock 8y ago
  Just do a symbolic execution of the code and prove that your intended behavior holds. A multisig contract is an utterly trivial program. It is easy to prove correct.
  - peteforde 8y ago
    Tell that to the folks over at Etherium Classic.
  - beaconstudios 8y ago
    > Just do a symbolic execution of the code and prove that your intended behavior holds. So... Introduce a human to the process? This is the exact issue we're talking about. > A multisig contract is an utterly trivial program. It is easy to prove correct. Even if it is, we're not just talking about multisigs. This process should scale up to more advanced smart contracts or this whole "innovation" is just replacing escrows, which is a greatly diminished innovation from the actual claim of smart contracts.
    - mbrock 8y ago
      How complex smart contracts are needed? I think we should keep them simple.
- otabdeveloper1 8y ago
  What if somebody hacks into your bank and steals your escrow account? Presumably, in both cases the solution is the same -- law enforcement and a lawsuit. The goal isn't some perfectly perfect decentralized system, the goal is something that doesn't have the monstrous overhead of something like, e.g., real estate deals today.

by vntok 8y ago

beaconstudios 8y ago

but the issue at hand is the case where the multisig contract has a bug and one party (or even a third party) can trigger a transfer of funds or render the funds inaccessible.

mbrock 8y ago
Just do a symbolic execution of the code and prove that your intended behavior holds. A multisig contract is an utterly trivial program. It is easy to prove correct.
- peteforde 8y ago
  Tell that to the folks over at Etherium Classic.
- beaconstudios 8y ago
  > Just do a symbolic execution of the code and prove that your intended behavior holds. So... Introduce a human to the process? This is the exact issue we're talking about. > A multisig contract is an utterly trivial program. It is easy to prove correct. Even if it is, we're not just talking about multisigs. This process should scale up to more advanced smart contracts or this whole "innovation" is just replacing escrows, which is a greatly diminished innovation from the actual claim of smart contracts.
  - mbrock 8y ago
    How complex smart contracts are needed? I think we should keep them simple.
otabdeveloper1 8y ago
What if somebody hacks into your bank and steals your escrow account? Presumably, in both cases the solution is the same -- law enforcement and a lawsuit. The goal isn't some perfectly perfect decentralized system, the goal is something that doesn't have the monstrous overhead of something like, e.g., real estate deals today.