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For ETH contracts to be be binding to things outside of the digital world there will be need for courts. But for small transactions that can be expressed in sof
by irae 4y ago
For ETH contracts to be be binding to things outside of the digital world there will be need for courts. But for small transactions that can be expressed in software, ETH is just a way to enforce the algorithm both parties agree on using to be enforced by the network. So there is at least a small value there (or it was, depending on you trusting PoS as oposed to PoW).
- deleted 4y ago[deleted]
- dogcomplex 4y agoYep, though courts will eventually be emulated by a consensus network as well - judged by random oracles (paid jury duty essentially), and any contract can be automatically verified to comply with many others. In the end it won't be anything more special than "we digitized Law", but hey - that's gonna open a lot of doors economically for what is otherwise a very pricey process mostly reserved for richer members of society. When you can automatically iterate through thousands of contracts to check they all comply with each other "legally" - that's value. We can also do digital voting with guarantees of one-person-one-vote now, so it's not much of a leap to see where that might go.