Topic: Are Smart Contracts indeed Smart??? - page 2. (Read 508 times)
I watched a lot of commercials and read articles on smart contracts, and I have only a good impression and conclusions! The theory of the essence of "smart contract" is very perfectly formed, it remains to understand this in practice. I plan to participate in projects that take smart as a basis.
This is something new. It is interesting to see how projects will work, based on smart contracts, what the result will be, and whether investors will like it. According to the description of what is smart, what are its functions, and why it is needed, everything sounds perfect, as it is in practice, until you had to investigate. Automatic system facilitates the work of many, and this is a plus.
If you rely on information from Internet sources, then yes smart contracts are smart, and very promising in terms of security. I don’t know how it looks in practice, but in the future I plan to take part in projects that are based on "smart contracts", and I will make the final conclusion for myself, which I will share with you.
Smart contracts based on cryptography can provide security better than traditional contracts. Many people think that smart contracts are self-sufficient, but everyone has the right to express their opinion, sometimes pessimism can be a good safety net, and an excellent signal for correcting technical errors in the sets.
It is difficult to assume their 100% transparency, but as practice has shown, many projects, with the support of smart contracts, are successfully operating. It is better to practice everything here, to check, perhaps you should trust this new system. He is as smart as he is programmed. To many users, it gives confidence.
A Smart Contract is smart in its own definition. It ain't gonna replace any lawyer, at least not in these years ahead. And as the crypto universe keeps on growing, the Smart Contract itself is still open to be developed more and redefined.
Smart contracts are codes that automatically validates a condition and automatically determines what the program wants it to do. This is done in a decentralized ledger that stores and replicates what is needed in a secured and immutability form so it is indeed smart.
I did some research regarding Smart Contracts and I can say I did not conclude to anything specific.
Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
Thanks, everyone in advance who will answer! I would love to hear some opinions.
Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
Thanks, everyone in advance who will answer! I would love to hear some opinions.
Smart contract is not that smart i think. But smart contract can make many things easier than before.
For example if everything can be handled automatically, of course it will make us doing too much efforts.
I have not try smart contract in exchange, what i know is smart contract for sending coins or tokens.
smart contract is intelligence that remains limited, that is limited to the use and function of the code they run. whereas if you say that a smart contract can replace a lawyer, in this context it is a human, it will not be possible, ideas and inovation will never die, while the smart contract will continue to be limited to the beginning of its creation, except human beings themselves strive to develop further.
I did some research regarding Smart Contracts and I can say I did not conclude to anything specific.
Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
Thanks, everyone in advance who will answer! I would love to hear some opinions.
Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
Thanks, everyone in advance who will answer! I would love to hear some opinions.
I think smart contract doesn't mean it is smart enough to become your lawyer.
Same as your smartphone, it cannot become something like lawyer just because it is smart.
Smart means they can compute or automate anything with their knowledge base in their system.
No, they are not actually smart. The name is misleading. "Smart Contracts" are basically a hard-coded rule engine.
"Smart" would mean for me if they made independent decisions that are not predetermined.
"Smart" would mean for me if they made independent decisions that are not predetermined.
Artificial intelligence will have more power than smart contracts for a job as a lawyer. But for insurance, it would make sense. Imagine you have home insurance and your house burned in a fire, you would declare your claim and the smart contract would automatically trigger compensation.
I like to simplify smart contract with:
If then
I don't see any use of
If then or
If then
People want to "blockchainize" everything while there is no use in their industry. The same with smart contracts.
I like to simplify smart contract with:
If
I don't see any use of
If
If
People want to "blockchainize" everything while there is no use in their industry. The same with smart contracts.
I did some research regarding Smart Contracts and I can say I did not conclude to anything specific.
Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
The idea of smart contracts seems interesting, but the current implementations are far from perfect. Surely, a contract cannot replace a lawyer, because when there are grounds for disputes, we need someone or something that is able to process arguments and context. However, they can replace escrows. I used a smart contract only once on some sport betting website. It was harder than I expected. I had to use Metamask, transfer my money first to a 'wallet' there and then to the casino.. I won, but I didn't see my funds in the Metamask or MEW wallet after that. Other members also reported that issue, but the casino provided a link that was proving that the payments were sent out automatically by the contract.. The bet was worth a couple of dollars, so I didn't bother looking into details and determinng why I couldn't get the money, but the whole thing was complicated and not worth it. If someone manages to make smart contracts really user-friendly, they will become more popular. For now good old trust system with humans seems more convenient. Do you really believe that Smart Contracts can replace a lawyer?
And has anyone actually tried to have any kind of exchange and used one Smart contract?
Smart contract instead of a lawyer, this is final aim of the progress but there is a long way to go and we don't where exactly end of this way. As traditional contracts, smart contracts may be needed to legal adviser like an attorney. For a small amount of money and undetailed agreements, to use smart contracts let us save money and time and we must consider them in that frame of business.
This has nothing to do with Bitcoin. Smart contracts are not installed on Bitcoin.
I think you can write, so I can say in the wrong section. Altcoin discussion can be a more convenient place.
I think you can write, so I can say in the wrong section. Altcoin discussion can be a more convenient place.
Not everything has to be built into the base protocol to be utilised by Bitcoin. Things like smart contracts can be built on top.
Also, arguably, Hashed TimeLock Contracts, or HTLC, are a basic form of Smart Contract and are currently implemented in Bitcoin, so the subject may well be considered on-topic for this board.
This has nothing to do with Bitcoin. Smart contracts are not installed on Bitcoin.
I think you can write, so I can say in the wrong section. Altcoin discussion can be a more convenient place.
I also think you are not using any smart contract. Smart contracts, a mutually functional algorithm product. And very successful. It would be perfect if a few problems were solved for Ethereum.
I think you can write, so I can say in the wrong section. Altcoin discussion can be a more convenient place.
I also think you are not using any smart contract. Smart contracts, a mutually functional algorithm product. And very successful. It would be perfect if a few problems were solved for Ethereum.
Smart contracts are indeed smart, as it can execute a command which is is programmed to do once predetermined conditions are met.
It can not replace lawyers, nor was it meant to. Its simply an automated system which executes commands.
And was the addition which expanded tge block chain technology. And it can alao be developers in the future to be useful in different situations.
It can not replace lawyers, nor was it meant to. Its simply an automated system which executes commands.
And was the addition which expanded tge block chain technology. And it can alao be developers in the future to be useful in different situations.
Not at all lol. In Ethereum 2.0 we'll be seeing some changes. Currently, they're too tough to write in and are not as effective as we think.
I judge that smart contracts are really smart, because when we use them the case of multiple transactions never happened, that's my judgment. besides that we can store every thing in it very safely.
Technically no, as they only perform what they're coded to do and have no brains in of themselves. But also technically yes, because it is pretty smart to be able to automate contracts 
That said, on the legal aspects of things I'm not sure at the moment. It would seem (if you want to make sure of things) that both parties would want a simplified explanation of what the code will do, and maybe sign that as legal, and then record what the smart contract does.
Have a great day,
Cyberius
That said, on the legal aspects of things I'm not sure at the moment. It would seem (if you want to make sure of things) that both parties would want a simplified explanation of what the code will do, and maybe sign that as legal, and then record what the smart contract does.
Have a great day,
Cyberius
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