RE: The Smart Contract Flaw - Stressing the Need for a Machine Readable Legal Prose - Part 1 by jiujitsu

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· @jiujitsu · (edited)
$0.15
You just make the permitters of the contract better. Just sending any gibberish is not how you would do that contract. In this case you may have a verification from a human, or in the future, AI. If 2/3 humans (one human being the person receiving the article) verify the submission is satisfactory, then the 10 Steem are paid out. Why would they do that? Incentive, each are paid a fee of 1 Steem to do the verification. So as long as 1/2 available verifiers see that you approved you received the work and was satisfied, they then verify with you. They have incentive to be the first one to agree with you and win the payment. Or maybe both receive payment for being available to verify. Or maybe the contract says only you verify. Or maybe the person submitting the work says they require a 2nd person verifying so that you can’t come back later after you said you were satisfied and then say you weren’t, because the other party witnessed you verified the work was complete. There will be businesses around oracles for information and verification of contracts. The smart contract is not to ensure they do the work. It’s to ensure they are paid if the work is deemed satisfactory by a wide variety of programmable choices used to verify. You can also set up arbitration to settle disputes after the fact and who pays for any fees or any arbitration can be built into the contract. I don’t think the goal is to say you can have legal binding to force anyone to do physical work or submit anything. The goals are for there to be incentive for all parties to work together to ensure that contracts are handled correctly for all the involved parties. This is done because any parties who have the potential to issue payment for work, penalties, or fees must have those fees locked into the contracts as a guarantee. Once the contract is satisfied, any amount of money held as potential fees or payment but were not needed based on the satisfaction of the contract being completed, are then returned automatically to the address specified in the contract by dates specified on the contract. There are still a lot of human interactions required. The automation is to ensure the payments are made and that there is less counterparty risk. As in, you do the work, and the buyer never had the money, or never pays you after completion. You can enforce those things with these types of contracts. You can’t necessarily enforce the work to be done or that it’s satisfactory.
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vote details (5)
@juanmolina ·
$0.16
Dear @jiujitsu:

I recommend that you use spaces between paragraphs when writing your comments. 

Many times readers are discouraged from reading when we see this type of writing and it would be a shame to miss such valuable comments as yours.

Your friend, Juan.
👍  
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