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Smart contracts is a horrible name. The better analogy (which has been around for years) is that they are the digital equivalent of (snack and beverage) vending
by msgilligan 5y ago
Smart contracts is a horrible name. The better analogy (which has been around for years) is that they are the digital equivalent of (snack and beverage) vending machines.
As with vending machines, they have their use cases, but they aren't lawyer "smart" and they certainly aren't legal contracts. I'm not sure how much trouble a better name would have saved everyone, but it might have done a better job of setting expectations.
- femto113 5y agoSo is this event the digital equivalent of the bag of chips getting stuck on the row below it or the frustrated customer shaking the machine until it falls over and squashes them?
- msgilligan 5y agoLooks like some very expensive chips got stuck in the machine.
- jkhdigital 5y ago"Self-executing contracts" removes pretty much all of the confusion
- numtel 5y agoThe vending machine analogy is exactly how smart contracts were first introduced by Nick Szabo and Vitalik Buterin. https://bitcoinmagazine.com/technical/daos-scary-part-1-self-enforcing-contracts-factum-law-1393297672 https://bitcoinmagazine.com/technical/daos-scary-part-1-self...