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You're conflating the need for consensus (ie: math) with the need for arbitration (ie: escrow).
by latchkey 4y ago
You're conflating the need for consensus (ie: math) with the need for arbitration (ie: escrow).
- kube-system 4y agoThey're all consensus mechanisms. If you use any other mechanism to come to a consensus off-chain, then there's no point to using the chain for consensus. You just have an overly complicated distributed database with bad data in it.
- latchkey 4y agoI have funds in my wallet. I choose to send them to you. That is human consensus on top of a blockchain, which is the settlement layer. In the case of escrow contracts. The funds are in a contract. Those funds will be released to a specific wallet only when two humans agree to their human consensus. The blockchain again, is the settlement layer. When I bought my house, it went through an escrow process. I had to pay some human paper pusher thousands of dollars to do something that really could have just been done by computers for fractions of a cent and in a matter of minutes. Escrow is one area that you're going to have a hard time arguing with me that isn't a perfect use case for blockchain. I don't care if it is 'overly complicated'... nothing is more overly complicated than the current process today.