Smart contract - Revision history

TiberiusB: /* See also */

2023-11-08T21:35:36Z

TiberiusB: /* See also */

2023-11-08T21:34:44Z

TiberiusB at 21:34, 8 November 2023

2023-11-08T21:34:27Z

TiberiusB at 21:23, 8 November 2023

2023-11-08T21:23:27Z

Sensorica-wiki at 04:34, 5 January 2023

2023-01-05T04:34:09Z

TiberiusB at 18:23, 3 September 2022

2022-09-03T18:23:21Z

TiberiusB at 20:00, 22 June 2022

2022-06-22T20:00:09Z

TiberiusB: Created page with "Programmable and auto-executable agreements, built on the template "if this than that". =Applications to makers movement= Contracts between local makers, in the digital hum..."

2022-06-22T16:36:06Z

Created page with "Programmable and auto-executable agreements, built on the template "if this than that". =Applications to makers movement= Contracts between local makers, in the digital hum..."

New page

Programmable and auto-executable agreements, built on the template "if this than that".

=Applications to makers movement=
Contracts between local makers, in the digital humanitarian sector by MakerNet, Contracting using Blockchain.
Scalable of contracting so as many makers as possible can use the contracting model.
MakerNet project to build proof of concept for contracting system on a contracting standard over the next two years. MakerNet

← Older revision		Revision as of 21:35, 8 November 2023
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	[[Contract]]		[[Contract]]

−	[[~~Recardian~~ contract]]	+	[[Ricardian contract]]

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	=See also=		=See also=
	[[Contract]]		[[Contract]]
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		+	[[Recardian contract]]

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 : International private law and legislation of various jurisdictions require to identify the location of an asset or place of an agreement in order to solve conflict of law problem and determine the applicable governing law. "However, the distribution of the register across nodes in multiple jurisdictions raises a seemingly intractable problem – under current legal principles at least – as to where the situs should be."[[https://www.isda.org/a/6EKDE/smart-contracts-and-distributed-ledger-a-legal-perspective.pdf Ref]] Holding something on DLT, including smart contract or title to an asset, does not isolate it from the legal system and laws of respective jurisdiction. "Some blockchain enthusiasts may have misinterpreted the statement 'code is law' as implying that code can supersede the law or that decentralised networks create their own legal regimes." - Ref: Eliza Mik, 'Smart contracts: terminology, technical limitations and real world complexity" (2017) Law Innovation and Technology Vol 9 No 2, 269.
-: In case of a dispute between the parties of the smart contract within the DLT, the issue arises where the distributed ledger is located in order to determine the place for dispute resolution.[10] "Blockchain also poses questions concerning the ability to identify the parties to a transaction, to the extent a system utilizing this technology remains anonymous, which may rise a host of additional issues related to dispute resolution."- Ref: Reggie O'Shields, 'Smart Contracts: Legal Agreements for the Blockchain' (2017) North Carolina Banking Institute Vol 21, 177.
+: In case of a dispute between the parties of the smart contract within the DLT, the issue arises where the distributed ledger is located in order to determine the place for dispute resolution. "Blockchain also poses questions concerning the ability to identify the parties to a transaction, to the extent a system utilizing this technology remains anonymous, which may rise a host of additional issues related to dispute resolution."- Ref: Reggie O'Shields, 'Smart Contracts: Legal Agreements for the Blockchain' (2017) North Carolina Banking Institute Vol 21, 177.
 =Applications to makers movement=

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-Programmable and auto-executable agreements, built on the template "if this than that".
+Smart contracts, as defined in the work of Nick Szabo are an abstract concept relating to the automated performance of an already agreed contract. In short, they are programmable and auto-executable agreements, built on the template "if this than that".
 The metaphor often used to understand ''smart contracts'' is a vending machine: it is programmed to spit out a bag of chips as soon as the required payment is introduced. This metaphor makes evident one important property of smart contracts, which is the inevitability of the outcome once the trigger conditions are met. This leads to agreements that don't need reinforcement or a justice system to protect them, unlike written agreements or contracts between two individuals for example, one promising the other to do something if and when stipulated conditions are met. In this traditional case, one party may decide not to fulfill the agreement, in which case the other party can rely on the justice system for reparations. In the case of smart contracts the outcome is guaranteed when the conditions are met, the contract cannot be breached by any party, therefore there is no need for a third party to guarantee the agreement.
 =Applications to makers movement=

← Older revision		Revision as of 04:34, 5 January 2023
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	Can be applied to gain access to financial tools, insurance, which can be onchain services.		Can be applied to gain access to financial tools, insurance, which can be onchain services.
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		+	=See also=
		+	[[Contract]]

← Older revision		Revision as of 18:23, 3 September 2022
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−	Programmable and auto-executable agreements, built on the template "if this than that".	+	Programmable and auto-executable agreements, built on the template "if this than that".
		+
		+
		+	The metaphor often used to understand ''smart contracts'' is a vending machine: it is programmed to spit out a bag of chips as soon as the required payment is introduced. This metaphor makes evident one important property of smart contracts, which is the inevitability of the outcome once the trigger conditions are met. This leads to agreements that don't need reinforcement or a justice system to protect them, unlike written agreements or contracts between two individuals for example, one promising the other to do something if and when stipulated conditions are met. In this traditional case, one party may decide not to fulfill the agreement, in which case the other party can rely on the justice system for reparations. In the case of smart contracts the outcome is guaranteed when the conditions are met, the contract cannot be breached by any party, therefore there is no need for a third party to guarantee the agreement.

← Older revision		Revision as of 20:00, 22 June 2022
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	Scalable of contracting so as many makers as possible can use the contracting model.		Scalable of contracting so as many makers as possible can use the contracting model.
	MakerNet project to build proof of concept for contracting system on a contracting standard over the next two years. MakerNet		MakerNet project to build proof of concept for contracting system on a contracting standard over the next two years. MakerNet
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		+	Can be applied to gain access to financial tools, insurance, which can be onchain services.