The DAO Debacle Shows Immaturity of Smart Contract Technology
Solidity and EVM make smart contracts available to every developer out there, regardless of experience. This is a good way to boost innovation in the smart contract space, but may not yield the best results in the initial stages. The recent debacle surrounding The DAO has shed an interesting spotlight on smart contract technology. Since individual developers wrote the entire concept of this project, it looks like smart contracts are not completely trustless. There is still a lot of work to be done before this technology is ready for mainstream adoption. Not everyone is capable of – or....
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The recent DAO debacle has put an interesting spotlight on the validity of smart contract technology. Peter Todd, one of the Bitcoin developers, took the time to outline how smart contracts come to life. As it turns out, there are many building blocks to take into account. Brief Technical Stuff. Creating a smart contract means the code used has to run on different machines will providing identical results. Bitcoin’s scripting system, as well as the Dex project, allow expressions to be precisely specified by hash digest. Moreover, the code can be executed against an environment with....
It seems the company Hewlett-Packard (HP), is showing strong interest in Bitcoin and the technology behind it. The company tweeted out a HP blog article saying “ With Bitcoin, the contract is the entire transaction. Period.” The tweet leads to a written blogpost called “The Technology Behind Bitcoin Could Replace Lawyers, Too.” with a great deal of....
Over the last year, the concept of a "smart contract" has received renewed attention in legal and business circles. Advancements in blockchain technology have led some to believe that smart contracts could soon offer alternatives to traditional commercial and financial agreements, with dire results for the legal and financial sectors. While this enthusiasm may be premature, the legal profession nonetheless remains mostly unaware of this important emerging technology and the long-term implications for their profession. In this context, "smart contract"....
Susanne Tarkowski Tempelhof, Founder and CEO of Bitnation, explains to Cointelegraph how smart contracts can lower costs of your business. Cointelegraph: What are Smart Contracts about? Susanne Tarkowski: Smart contracts are applications ‘living on’ the Blockchain, and therefore can’t be censored. Simple, immutable and autonomous applications, basically. As Primavera de Filippi eloquently phrased it during her talk at OuiShare Paris 2016 “Smart Contracts are neither smart nor contracts...”. But ironically, smart contracts are however ideally suited to be… well… contracts! In essence, your....
In 2021, many smart contract platforms competed for users’ attention and attempted to be the next Ethereum killer. The terms DeFi, GameFi, and NFT, have been all over the media lately, and any of these would not be possible without smart contracts. As more smart contract platforms are introduced, it becomes hard for newcomers to […]