5 ms·

Smart contracts are NOT contracts. They are software that run on the EVM. That's it.

by anony23 4y ago

DennisP 4y ago
A lot of semantic arguments could have been avoided if they'd just called them "scripts" instead.
- kortex 4y ago
  Smart contracts are still contracts, just a different kind than the typical legal contracts. "Contract" has been used to describe API interfaces. Words can have more than one meaning. "Contract" is also a verb, with multiple meanings. https://en.m.wikipedia.org/wiki/Design_by_contract https://en.m.wikipedia.org/wiki/Design_by_contract
  - DennisP 4y ago
    Hah, that's a good point.
  - wpietri 4y ago
    I think we both know that they were called "smart contracts" to draft off the legal meaning of the term.
  - P5fRxh5kUvp2th 4y ago
    It's money, they should not have been called contracts. Communication is a thing.
- bitxbitxbitcoin 4y ago
  Guess smart scripts just doesn’t roll off the tongue the same way.
- trkaky 4y ago
  legally binding scripts
- oblio 4y ago
  You don't get to a multi billion scam, sorry, valuation, by calling them "scripts". The naming was very deliberate
  - davidmurdoch 4y ago
    Bitcoin Script is literally the name of bitcoin's programming language.
- knicholes 4y ago
  I interpret "contract" like a contract between two software components. e.g. This is the schema of what our endpoint returns. You can work off of that.
legutierr 4y ago
You are downplaying the real impact of "software that run on the EVM." Absent the existence of a functioning and accessible legal system to mediate the resolution of disputes, smart contracts can serve the societal purpose otherwise served by traditional paper contracts. Yes, smart contracts are not paper contracts disputes over which are judiciable by a court, but in many situations smart contracts can replace paper contracts, reducing or eliminating the need for courts to intervene in the first place.
- anony23 4y ago
  I'm an Eth fanboy and I find this take hyperbolic. It's programmable money and often a security nightmare. In order for smart contracts to replace paper contracts in the way you describe, every participant needs to be a software engineer that can audit the code.
  - legutierr 4y ago
    Not every smart contract needs to be unique or original. A well-audited library of reusable smart contracts that is published and/or endorsed by a coalition of reputable entities can provide most of the functionality that most businesses and people would typically need. Think of the standard form agreements that are offered by companies like LegalZoom, etc. Yes, Ethereum's security model is a problem. There's no reason to believe, however, that it won't be improved upon.

Smart contracts are NOT contracts. They are software that run on the EVM. That's it.

DennisP 4y ago

A lot of semantic arguments could have been avoided if they'd just called them "scripts" instead.

kortex 4y ago
Smart contracts are still contracts, just a different kind than the typical legal contracts. "Contract" has been used to describe API interfaces. Words can have more than one meaning. "Contract" is also a verb, with multiple meanings. https://en.m.wikipedia.org/wiki/Design_by_contract https://en.m.wikipedia.org/wiki/Design_by_contract
- DennisP 4y ago
  Hah, that's a good point.
- wpietri 4y ago
  I think we both know that they were called "smart contracts" to draft off the legal meaning of the term.
- P5fRxh5kUvp2th 4y ago
  It's money, they should not have been called contracts. Communication is a thing.
bitxbitxbitcoin 4y ago
Guess smart scripts just doesn’t roll off the tongue the same way.
trkaky 4y ago
legally binding scripts
oblio 4y ago
You don't get to a multi billion scam, sorry, valuation, by calling them "scripts". The naming was very deliberate
- davidmurdoch 4y ago
  Bitcoin Script is literally the name of bitcoin's programming language.
knicholes 4y ago
I interpret "contract" like a contract between two software components. e.g. This is the schema of what our endpoint returns. You can work off of that.

legutierr 4y ago

You are downplaying the real impact of "software that run on the EVM." Absent the existence of a functioning and accessible legal system to mediate the resolution of disputes, smart contracts can serve the societal purpose otherwise served by traditional paper contracts. Yes, smart contracts are not paper contracts disputes over which are judiciable by a court, but in many situations smart contracts can replace paper contracts, reducing or eliminating the need for courts to intervene in the first place.

anony23 4y ago
I'm an Eth fanboy and I find this take hyperbolic. It's programmable money and often a security nightmare. In order for smart contracts to replace paper contracts in the way you describe, every participant needs to be a software engineer that can audit the code.
- legutierr 4y ago
  Not every smart contract needs to be unique or original. A well-audited library of reusable smart contracts that is published and/or endorsed by a coalition of reputable entities can provide most of the functionality that most businesses and people would typically need. Think of the standard form agreements that are offered by companies like LegalZoom, etc. Yes, Ethereum's security model is a problem. There's no reason to believe, however, that it won't be improved upon.