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Anonymous
Give me your thoughts on smart contracts 2017-09-11 04:35:09 Post No. 3425670
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Give me your thoughts on smart contracts 2017-09-11 04:35:09 Post No. 3425670
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Personally I think smart contracts aren't that revolutionary. They certainly have a place and are useful but only for a relatively small domain of things. They will not replace the vast majority of legal contracts, they might replace 1% or so.
I think they will mainly be used as a tool for application developers, just like how cloud technology is currently being used. The applications that use smart contracts may become valuable themselves but I'm not sure about ETH. Here's the thing: why use ETH for this? Anyone can just copy the code for free and make their own smart contract platform that the company controls.
A company in control of such a platform can keep it internal (meaning private), in whole or in greater part. That privacy seems to me to be valuable. Why would Google or Facebook or Amazon do their smart contract stuff on ETH? They would run their own in-house platform and expose only the smallest part of it to the public, or use ETH only for the public stuff.
Also humans will need to verify many of these contracts anyway.
What am I not understanding?
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please respond
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>>3425892
sorry i cant reply, post hidden.
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Who literally cares. Buy the dip.
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>>3425670
This girl isn't asian so I won't answer
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>>3425917
lmao. /biz/nessmen at his finest
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I don't understand how they work.
Like suppose we make a "smart contract" that one of us gets 5 ETH if some gay sports team wins and the other guy gets it if they lose.
.... so where is the contract pulling the information from? Like how does it know? If I can figure out what website or api it's pulling from to make its decision couldn't I just spoof the input so I get paid no matter what really happens?
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>>3425670
Won't answer op's question if he's gonna post a picture of such an unattractive looking boy.
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>>3425946
This is how I understand it. Somebody please correct me if I'm wrong.
Simplified: in 'smart' contracts where real-world (external) data is needed there is something introduced called an oracle who inputs the real-world data. The participants to the contract have to trust the oracle. An oracle could be an external computerized platform (e.g. official sports results / election results via an API) or even a human manually inputting results.
This explains it ok: https://medium.com/@mustwin/building-an-oracle-for-an-ethereum-contract-6096d3e39551
Also this one but I don't buy the hype headline: https://blockgeeks.com/guides/smart-contracts/
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