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10199082 No.10199082 [Reply] [Original]

Nick Szabo described the Ethereum blockchain in 1997.

>> No.10199133

>>10199082
Smart contracts are simply that – smart. They are very carefully designed to carry out specially designed functions and tasks without the intervention of either of the parties which could result in the breach of said contract. In the event of a breach, the contract is optimized to ensure that the other party is not damaged by the violation.

The principle of keeping funds in escrow, for instance, is completely solved by smart contracts without the need for an especially complicated legal framework that requires fees or a broker. Each side is protected by the agreement. If the seller fails to deliver on all the terms of the contract, the other party keeps their funds or other deliverable. The reverse is also true if the buyer fails to post the funds in escrow.

As cryptocurrency gains greater application and adoption, smart contracts effectively enable trade with significantly fewer barriers. Companies are already racing to the space to build straightforward contractual solutions for businesses of all shapes and sizes.

>> No.10199246

>>10199082
no

>>10199133
no