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Regular contracts don't have a built in layer to resolve issues either. As you say, it's a meta later above this. Laws still apply to things handled with smart
by IanCal 5y ago
Regular contracts don't have a built in layer to resolve issues either. As you say, it's a meta later above this.
Laws still apply to things handled with smart contracts. You can't say "well sure the escrow contact did the wrong thing but it's code so you can't come after me for your money back".
- ineedasername 5y agoI agree that right now the legal system still applies. The problem is that lots of smart contract enthusiasts embrace them for the same reason they embrace crypto currency: they see it as a way to avoid government institutions that they do not want to have to work with or trust. In fact they want the entire contract to be trustless: agree to the terms, implement them in code, and and since the rest is automated you don't have to trust that the other party won't follow through. I don't see how that can actually work in an automated fashion. Whether it's traditional government or some other legal system or analog, you need a resolution layer above contract layer, but at that point you've lost a lot if what enthusiasts want in smart contracts.