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At this point I wouldn't bother with smart contracts and just use it as a medium of exchange or investment. However, if Ethereum sticks around there will be st
by Consultant32452 5y ago
At this point I wouldn't bother with smart contracts and just use it as a medium of exchange or investment.
However, if Ethereum sticks around there will be standardized, off the shelf contracts for people to use that have wide-spread testing/adoption. Once we reach that level of maturity then it could make sense to use it for things like escrow on a contract/purchase.
- TimJRobinson 5y agoThere already is: https://openzeppelin.com/ https://openzeppelin.com/ Most people use them for their projects, but you don't hear about them because they don't make it to hacker news as only crypto pessimism is upvoted here.
- denton-scratch 5y agoHow do you use ETH on a contract to purchase goods? How does the contract know when it has been completed? I can imagine using ETH for escrow; but there has to be a human in the loop for escrow, to direct escrow funds to be released. I guess one could contrive a situation where a "contract" could autonomously determine when it had been completed. But that's not the general case.
- aaaaaaaaata 5y ago> How does the contract know when it has been completed? Escrow, or an oracle (checking, say, FedEx delivery.)
- Consultant32452 5y agoYou put $10k in escrow to buy a house. Either both parties agree (human intervention) that the requirements have been met and the escrow is released to the seller, or the funds are returned to the buyer after some deadline.
- aaaaaaaaata 5y agoAlways good to have a consultant around to explain the tough words ;)