1/ The appeal of smart contracts is that they can convert “wet code” (probabilistic, human contracts that form the basis of our legal system) intro “dry code” (deterministic, computer code)
2/ The replacement of wet code with dry code promises more efficiencies - imagine how much money would be saved if every company cut their legal bill in half.
3/ And also new, emergent use cases: what kinds of contracts can we enter into when the cost of contracting is a tenth of what it is now? (More in a @naval tweetstorm - )
4/ It also promises more transparency - What if all the paper mortgage-based derivative contracts had been on a blockchain and auditable using a python script?
5/ I would imagine more traders would have piled on the short side sooner and the bubble would have popped before it ever got going.
6/ One way to use smart contracts to increase efficiency is to use them when you are dealing purely with on chain data.
7/ E.g. “If Carol sends me 0.1 Bitcoin, then give her access to this file."
8/ As you move into the “real world,” things get harder and you run into the oracle problem: how to get meatspace data on chain without the full legal systen getting involved and driving up costs.
9/ If I sell you travel insurance, how do we know that your flight has been delayed? We have to rely on an oracle (like the Delta website) to say whether the flight left on time.
10/ However, you might dispute the accuracy of the time on Delta and now we are back into messy, probabilistic “wet code” with all the increased costs that entails.
11/ I’m interested to see how the ecosystem develops at the border between dry and wet code.
12/ As always, this is just me thinking out loud. Thoughts, feedback and criticism welcome.
13/ h/t @NickSzabo4 for terms wet and dry code -
@NickSzabo4 14/ Thinking stimulated by a conversation between @tylercowen and @VitalikButerin. Very worth a listen -
@NickSzabo4 @tylercowen @VitalikButerin 15/ One interesting approach I neglected to mention is to use some sort of binding arbitration where all parties involved in the contract agree to settle any disputes which is the course I believe @rob_knight and @mattereum are following.
I've been getting replies about Jonathan Yaniv's predatory behavior from people in the trans community. While it's wonderful to see the support for women, I'm bothered by the suggestion that Yaniv isn't "really" trans.
President Trump getting ahead of Gen. Mattis let the president write the chyrons. They're being rewritten now because this is clearly a complete repudiation of the American president, even suggesting Trump is aligning with our enemies... (thread)
1) The military tribunal theory is taking off. As much as I would like that, I don’t think so. I think these men have done their jobs and Trump no longer needs them. These men won their battles. Behind closed doors, these men purged the enemies of We the People. We won. https://t.co/OvpimINcqj
New Q: Ryan (age 48) announced retirement on 11 Apr so he could "spend more time with his children." It appears his CoS, Burks, was involved in #SpyGate coup attempt vs @POTUS. More Rs have announced resignations than Ds. Ds hoping to stop what's coming. https://t.co/w93LzsgMbV https://t.co/JM2F5t4Lec
1. Today is my 50th day tweeting about @notredame driving out a kid with epilepsy by refusing an accommodation needed to signficantly decrease chance of his death. I'll continue til they apologize to him. As promised, in honor of this milestone, today's tweets will be special...
WOW, interesting! - A Hawker 800XP business jet (reg M-VITO), reportedly owned by Yevgeny Prigozhin, landed at Wilson Airport (WIL, HKNW), Nairobi, Kenya three days ago. Rumor is that it landed after closing, IE no ATC, no runway lights, no immigration. https://t.co/J1hcE2vOXk https://t.co/zpRm7KuBMC
Did you know that mammy market was named after a woman called Mammy Ochefu? Yes yes! Every military barrack in Nigeria has a place called ‘mammy market’, a place close to the barracks, where soldiers’ interact and buy their daily needs. In 1955 at Enugu, the market was named https://t.co/OvrPiWACXO
It was gathered in Guardian that President Buhari, while commissioning the new terminal building, said the ‘Federal Government was developing Nigeria into regional air transportation hub and assuming its leadership in the aviation sub-sector in Africa.’ https://t.co/TPbRFWouMj