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> Now since we are trusting a third-party, why can't we simply use bitcoin and even let the decision script be hosted on the third party? One reason which spri
by chriswarbo 11y ago
> Now since we are trusting a third-party, why can't we simply use bitcoin and even let the decision script be hosted on the third party?
One reason which springs to mind immediately: the entity running the script always has complete control, whilst we may choose to grant limited control to third parties. For example, we might define a set of separate, potentially independent, verification conditions, and perform some action when 2/3 of those conditions are met. Manipulating such a contract would require collusion by many of those third-parties; and it would also make contracts more robust against technical problems.
- kang 11y agoThe bits of a cryptocurrency transaction cannot be changed. Its like a signed cheque, can only be read. So since the flag from third party is being used to decide which transaction is relayed, it is as good as handing over the transactions to the third party to relay them. Majority consensus can still be done by using multiple third-parties.