If we had a “tech” category (which we should), I’d use it!
I saw this article and it got me thinking about whether anyone here has played with Ethereum much? I have had friends involved in it but I haven’t followed it closely since the first six months after it started.
I try to keep up with alternative currencies (not just crypto) but my understanding of Etherium is limited. In my mind, i usually put it in the category of Yet Another Crypto Currency, differentiated mostly by its design that makes it less scarce, provides for more efficient exchange, and more equitable production. But in the end, it’s not much different than say Bitcoin or Doge. Am I missing something?
It’s meant to be used for smart contracts and I believe it’s scripting language is Turing complete, unlike Bitcoin (on purpose). People usually discuss it when discussing either smart contracts, Decentralized Autonomous Organizations (DAO), or programming on the blockchain.
I’m a lawyer but I have a hard time wrapping my head around the utility of smart contracts. And I have no idea what “Turing complete” means…
Basically, something that is Turing complete can be used as a general purpose computer, even if it is slow. Magic The Gathering is Turing complete, for example. It has ramifications for the users of a technology.
I think I get it now. I’ve had it explained to me before, but often the examples seemed to be solution in search of a problem. Now I see how certain kinds of arrangements might benefit from a smart contract. I think the biggest proponents of such things seem to suggest that they will eliminate game need for lawyers and I just don’t see that happening.
You’ll still need lawyers to litigate when the smart contract goes horribly wrong!
If anything they’ll necessitate lawyers who understand how to translate the legal terms of the contract into digital script and code. A traditional contract has all sorts of clauses that are triggered by given events, for example – someone will have to translate the legal boilerplate into code that works in conjunction with the blockchain ledger, and many contracts have non-boilerplate that will require new code. Also, the parties to the contract don’t necessarily have to be anonymous – despite the original intent of blockchain technology, there’s nothing that says a digital signature can’t be connected to someone’s real identity.