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You can implement all of this, including reversable transactions under specific conditions, via smart contracts, without sacrificing decentralization.

• ludamad 5y ago
  When I can use a major chain and execute a smart contract for <$1 (on say a $100 contract) I'll be reasonably stoked. How are people playing with these when the fees are so high?
  • andxor 5y ago
    A lot of liquidity is moving to L2 Ethereum already and you can definitely execute smart contracts there for way less than $1 (e.g. on Polygon). As for why people are willing to pay high gas fees on L1 - have you considered the possibility that the opportunities and value that they're getting out of it are worth the cost?
    • ludamad 5y ago
      I am not debating that the value can be worth the cost; I really meant "playing". Thanks, I'll look into Polygon
• TeMPOraL 5y ago
  Smart contracts should really be called "dumb contracts", as they're strictly dumber than traditional, old-school contracts. Here's something worth pondering: what happens if you trigger a bug in a smart contract? What options do you have to fix or undo it? Smart contracts are all bug-ridden by definition - formally codifying intent is a General-AI-complete problem, and since we are nowhere near close to making a human-level AI, it follows that a smart contract is just a crude approximation of the most obvious aspects of what you actually meant it to represent (no different than any other program here). Traditional contracts are smart enough to not even try - they don't codify intent, they just help achieve mutual understanding and pin down shared context for further reference. Interpretation, execution and debugging are all left to the general framework of common sense, tradition, regulations and accumulated case law.