Why Ethereum Needs 'Dumb' Contracts

Why Ethereum Needs 'Dumb' Contracts

"The two things to know about smart contracts is that they’re dumb, and they’re not contracts." This statement from Harvard Berkman Center's Patrick Murck seems increasingly relevant in the wake of the collapse of The DAO. The ethereum-based fund was the largest smart contract issued to date, and its failure has led many to reconsider how ready the technology is for primetime. At their core, smart contracts facilitate decentralized applications by eliminating trust points. Because they automate existing processes, many believe smart contracts could someday lower costs across....


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