Smart Contracts Are Useless
medium.com
Smart Contracts Are Useless
1–10 of 14 posts
Re: Smart Contracts Are Useless
#2I stopped reading when I saw that this is from 2019. DeFi didn't really take off until summer of 2020
Re: Smart Contracts Are Useless
#3I stopped reading when I saw that this is from 2019. DeFi didn't really take off until summer of 2020
Out of curiosity did smart contracts gain new capabilities in the summer of 2020?
Re: Smart Contracts Are Useless
#4I stopped reading when I saw that this is from 2019. DeFi didn't really take off until summer of 2020
Did it? I never heard of it.
Re: Smart Contracts Are Useless
#5Re: Smart Contracts Are Useless
#6This article has multiple inaccuracies and omissions that distort the view of how smart contracts work and their uses.
Formexample, author writes in a way that implies that a smart contract will stop working if it runs out of gas. This is not true - a single function call will abort, and even that rarely happens because it’s possible to compute required gas in advance and set the gas limit to a proper amount.
The whole timekeeping mentions not being able to tell time. You can’t use exact time, but block numbers are very good approximations.
As for the orcales - yes they are needed, and they work well.
As for real world connection - what you do is you set a legally binding agreement between two companies or a company and public to honour the output of the contract. Problem solved.
All in all, the author uses these inaccuracies to show that smart contracts are impractical and have no use. This is absurd - see DeFi for example.
Re: Smart Contracts Are Useless
#7Earlier quoted context omitted.
Out of curiosity did smart contracts gain new capabilities in the summer of 2020?
I believe the point is smart contracts became incontrovertibly useful in the summer of 2020.
I would love to learn why you think they are incontrovertibly useful. What are the use-cases that they are being used in?
Re: Smart Contracts Are Useless
#8This article has multiple inaccuracies and omissions that distort the view of how smart contracts work and their uses. Formexample, author writes in a way that implies that a smart contract will stop working if it runs out of gas. This is not true - a single function call will abort, and even that rarely happens because it’s possible to compute required gas in advance and set the gas limit to a proper amount. The who…
> you set a legally binding agreement between two companies or a company and public
What's a "legally binding agreement between a company and [the] public"? Who signs it in the name of the "public"? How can a member of the "public" ensure that the agreement is kept? What does "legally binding" even mean, what courts are responsible?
Re: Smart Contracts Are Useless
#9This article has multiple inaccuracies and omissions that distort the view of how smart contracts work and their uses. Formexample, author writes in a way that implies that a smart contract will stop working if it runs out of gas. This is not true - a single function call will abort, and even that rarely happens because it’s possible to compute required gas in advance and set the gas limit to a proper amount. The who…
> you set a legally binding agreement between two companies or a company and public What's a "legally binding agreement between a company and [the] public"? Who signs it in the name of the "public"? How can a member of the "public" ensure that the agreement is kept? What does "legally binding" even mean, what courts are responsible?
It means exactly what it says
Legally binding contract. You know, the law, lawyers, written signatures
Re: Smart Contracts Are Useless
#10Earlier quoted context omitted.
> you set a legally binding agreement between two companies or a company and public What's a "legally binding agreement between a company and [the] public"? Who signs it in the name of the "public"? How can a member of the "public" ensure that the agreement is kept? What does "legally binding" even mean, what courts are responsible?
It means exactly what it says Legally binding contract. You know, the law, lawyers, written signatures
Signatures from "the public"?