Smart contracts: Hyped or Useful? - page 3.

Abiky

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Quote from: karsy on January 10, 2019, 05:06:20 PM

I think that this technology is really useful but it's not still integrated in business processes. Now there is hype around it but soon the situation will be another. Companies will start using them.

There may be some level of hype within the smart contract space, but as companies and businesses start deploying their own dApps, the hype will fade away. True usability is what determines the success of any project or technology. Ethereum may be quite revolutionary with its smart contract feature, but if it doesn't obtain massive adoption, then it'll be of no use. So far, smart contracts have only been useful for decentralized gaming (Gambling, Collectibles, etc) and pyramid schemes (like FOMO 3D).

However, its uses could be expanded as the corporate sector becomes interested in such technology. Considering that smart contracts are relatively new (they came into inception after Ethereum's launch back in 2015), they would need a couple of years from now to realize their true potential.

Nonetheless, it's exciting to see how Szabo’s concept became a reality nowadays. Which means, that our world is improving every step of the way thanks to Nakamoto's blockchain technology. Just my opinion

GmBoom

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I would say that smart contracts were very useful instead of saying hyped. Because most of the projects now are starting with ethereum blockchain via smart contract. And when they are done with their own testnet blockchain, they will merge it with their own blockchain, they is why most projects starters uses ethereum smart contracts.

karsy

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I think that this technology is really useful but it's not still integrated in business processes. Now there is hype around it but soon the situation will be another. Companies will start using them.

Abiky

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Quote from: martin1221 on January 07, 2019, 10:25:01 AM

Anyone who follows blockchain knows that one of its most promising applications is the field of smart contracts. As I have read about smart contracts, they are being touted as something that one day could replace lawyers. That is to use computerized contracts which are stored within the blockchain that can be automatically activated if certain conditions are met. I think it is something that would stay and evolve to mainstream use.

Agree. Smart contracts hold many promises to change our world in many ways. I believe that the one thing stopping smart contracts to become useful for the world, is the lack of scalability among underlying blockchains like Ethereum. However, that's about to change since many smart contract platforms have taken the initiative to scale over time. EOS is already capable of processing millions of TPS at no cost at all, while TRON provides the same benefits with the only difference that it's highly compatible with Ethereum's EVM.

On the other hand, Ethereum will improve with its Casper PoS and Sharding upgrades to scale for the world. As companies, businesses, and startups realize the true benefits of smart contracts, they'll quickly adopt them for their own benefit. Then, users will begin to use smart contracts at a large scale, fulfilling the vision of a Web 3.0 for the mainstream world.

Nevertheless, as smart contracts become useful and popular in our world, they could effectively replace not only lawyers, but also, casino operators, centralized social networks, and more. Just my opinion

Supercrypt

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All the new innovations are definitely helpful for some reasons. The success of ethereum itself will be explaining this in much better way.

What are the benefits I am experiencing/reading by having smart contract through ethereum :

From end user view :
1. If smart contacts are not available, I may need to have different wallets whenever I will be contributing to ICOs. Before ethereum, I have faced this kind of frustrations as I was enforced to have large number of wallets on every time I'm looking for a new coin.

2. I do not need to have multiple back up of multiple wallet files. No worry on securing multiple passwords/seeds. No hassles of syncing; saving bandwidth.

From developer's view:
No need to have a separate team for cypto coin development for the purpose of crowdfunding. They can enjoy all benefits similar to a crypto coin owner yet without one major department.

From exchange operator's view:
Even they will have only one or two wallet(s) for ethereum (and bitcoin), they may list 1000s of tokens without having the need of paying 3rd parties to have wallets as a services, for example. This is the reason why decentralized exchanges are most cost effective.

niublity

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Smart contracts must be valuable, but as long as they are technically valuable, they will be hyped, and this hype has become a past tense. In the 2017 cryptocurrency market, smart contracts have been fully speculated.

Georgiyk

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Smart contracts can be successfully used where there are any bureaucratic procedures and opportunities for automation. The potential of smart contracts and blockchain can be very high, for example, in the field of medicine. This refers to a history of the disease, automatic distribution of invoices, control over the supply of medicines and much more. Behind smart contracts is the future.

martin1221

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Quote from: Abiky on December 25, 2018, 09:46:31 PM

Do you think that the concept of "smart contracts" is hyped or useful/practical for the mainstream world at all? Just asking this, since smart contracts haven't reached the level of adoption required from mainstream businesses and corporations alike. Perhaps, this is because smart contract platforms like Ethereum lack the capacity to handle a large scale of TPS? Or maybe it's because there's lack of trust from said entities into deploying smart contracts for the mainstream world?

So far, smart contracts have been more useful for ICO tokens than anything at all. In some cases, smart contracts have been used for gambling and traditional gaming. Yet, it's to be seen a well-known company implementing their own dApp on a smart contract platform.

What do you think? Huh

Anyone who follows blockchain knows that one of its most promising applications is the field of smart contracts. As I have read about smart contracts, they are being touted as something that one day could replace lawyers. That is to use computerized contracts which are stored within the blockchain that can be automatically activated if certain conditions are met. I think it is something that would stay and evolve to mainstream use.

myhoho

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smart contracts+IOT is amazing.
Imagine the future. All devices going to work autonom and we do not have to buy or pay anything using cash.
This is the best part cause i do not have cash lolz

TrevorS

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In the crypto sphere, smart contracts have already shown their undoubted benefits, however, as we can see, it is rather difficult to adapt to real life, so that ordinary people could also feel the benefits. I hope in 2019 this problem will be solved.

Rengga Jati

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I'm also little bit confused about it. Truly, the smart contract will make the crypto greater with its very advanced technology. Smart contract proves that this technology and system are valuable, trusted, and also advanced. however, now, many use this smart contract system and it doesn't make the condition of the market better. In fact, many people are still confused about what to do with this kind of crypto. So, what will happen next? I don't want to think that this is only a hype.

e@symode

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Smart contracts are our future, especially if you add AI to them then this is a great opportunity to make the life of all humanity much better than today. I can not imagine what could be better.

Abiky

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Quote from: Kevin77 on December 26, 2018, 10:37:03 AM

Smart contracts are something that will be required in the future for many things, they are building an amazing platform for many purposes and creating a huge utility for the blockchain it belongs to.

The more blockchain is used the more miners or stakers will be making money from the workload and the more they make the higher they will be profiting creating an economy that will result with the coin going up naturally and actually worth something instead of having no backing at all. This was the reason why I told everyone when Ethereum was falling in price to not sell and if possible buy more because Ethereum is backed by a lot of usage and it will go up as soon as sell orders stop which it did.

Smart Contracts are not overhyped they are underhyped to be honest with you, we should be focusing on them a lot more.

You do have a point there, mate. We as users of smart contracts need to be focusing more on them, as well as, supporting them every step of the way. For smart contracts to become successful, they would need to experience mainstream adoption especially by businesses and corporations worldwide. It's been known that several companies have become interested in blockchain technology, yet only a few have made use of smart contracts. However, as time goes by, smart contract platforms like Ethereum and EOS would improve until they become highly scalable and secure for the masses.

I believe that the one thing stopping smart contracts from becoming widely used worldwide, is the lack of scalability from well-known platforms. Ethereum has been the first smart contract platform in existence, but it hasn't scaled yet. Luckily, other alternatives have already implemented scaling technologies to make the execution and interaction of smart contracts, faster and cheaper than ever.

Nonetheless, if smart contracts become an indispensable tool for our society, the underlying blockchain's token (like ETH or EOS) could experience a lot of demand within the long term. Therefore, smart contracts could be the way of the future after all. Just my opinion

Perfect35

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I think without smart contracts, it would not have been easy for so many ICOs PR projects to survive and succeed in he crypto space. There are so many coins that have used the platform of ethereum before leaving and moving to theirs. Had it been there is nothing of such, then the survival rate would have been slim.
Well, there are still some that will survive even at the start, if they already gave the fund for it.

jupppo

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I think that it consists both sides. Smart contracts is a really useful achievement. But this hype which is around smart contracts doesn't claim so much attention. I think that many companies will start using smart contrats

Jadesola

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I don't think is a hype because smart contract has been useful, though may not be as expected but is very useful.

dimonarka

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Every thing and invention has its pros and cons. But I think that the smart contract is very useful and convenient for everyone. This is the future!

Hades92

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Ethereum is a platform specifically built to create smart contracts. You need to know that bitcoin is the first to support smart contracts in the sense that networks can transfer values from one person to another. but ethereum replaces the bitcoin language that is more stringent in scripting languages and replaces it with a language that allows developers to write their own programs as we know a lot of platforms that use ethereum smart contracts, this is useful and good

none of us

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smart contracts are still in their infancy and certainly have more potential in the future than they currently have. i think the development will take some time until the smart contracts arrive in the real world.

disconnectme

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I think it is both, there is definitely a use for the smart contract platforms and with time people will warm up to it but the hype is not justified IMO, people tend to believe that a smart contract will solve all the problem in the space and we see most smart contract last year pumping as if it is a sure win for investors

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