cm0002@lemmy.world to memes@lemmy.world · 6 days agoEtherium logo finally makes senselemmy.mlimagemessage-square102fedilinkarrow-up11.61Karrow-down121cross-posted to: memes@lemmy.ml
arrow-up11.58Karrow-down1imageEtherium logo finally makes senselemmy.mlcm0002@lemmy.world to memes@lemmy.world · 6 days agomessage-square102fedilinkcross-posted to: memes@lemmy.ml
minus-squareKnock_Knock_Lemmy_In@lemmy.worldlinkfedilinkarrow-up1·3 days agoBlockchain is immutable but legal contracts usually are not. They have break clauses, implied rights etc. I suspect everything can be implemented correctly, but my doubt isn’t technical, it’s legal. Think of a smart contracts like a vending machine. You can’t just build one and start selling real things from it. Laws need to be followed.
minus-squaredx1@lemmy.worldlinkfedilinkarrow-up1·edit-27 hours agoYou can program anything up to and including judicial oversight and interaction rescission into a smart contract. Not all existing laws make sense or have a positive effect on this ecosystem. Many have a negative effect, speaking from experience.
minus-squareKnock_Knock_Lemmy_In@lemmy.worldlinkfedilinkarrow-up1·3 hours agoYou have to programme reversiblity and authorise people who can make changes in advance. Decisions on when this happens are outside the blockchain. It doesn’t matter if laws are beneficial or damaging, they still need to be followed.
Blockchain is immutable but legal contracts usually are not. They have break clauses, implied rights etc.
I suspect everything can be implemented correctly, but my doubt isn’t technical, it’s legal.
Think of a smart contracts like a vending machine. You can’t just build one and start selling real things from it. Laws need to be followed.
You can program anything up to and including judicial oversight and interaction rescission into a smart contract. Not all existing laws make sense or have a positive effect on this ecosystem. Many have a negative effect, speaking from experience.
You have to programme reversiblity and authorise people who can make changes in advance. Decisions on when this happens are outside the blockchain.
It doesn’t matter if laws are beneficial or damaging, they still need to be followed.