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How 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
by denton-scratch 5y ago
How 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 ;)