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Ethereum Q&A: The legality of smart contracts



Are smart contracts legally binding? How can tokens signify possession of exterior property? Are these transfers of titles recognised? The place are ether transactions saved when contract code is executed? How are state transitions validated? Will smart contracts work to the extent that individuals envision? Ought to we mix smart contracts with synthetic intelligence (AI) and machine studying (ML), or is all of this tech nonetheless too immature?

These questions are from MOOC 9.6 and 9.7 classes, which came about on March 23rd and March 30th 2018 respectively. Andreas is a educating fellow with the College of Nicosia. The first course of their Grasp of Science in Digital Forex diploma, DFIN-511: Introduction to Digital Currencies, is obtainable without cost as an open enrollment MOOC course to anybody concerned with studying in regards to the elementary rules.

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has turn into one of essentially the most well-known and revered figures in bitcoin.

Observe on Twitter: @aantonop
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He’s the writer of two books: “Mastering Bitcoin,” revealed by O’Reilly Media and regarded the perfect technical information to bitcoin; “The Web of Cash,” a e book about why bitcoin issues.

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24 comments

  1. What is a blockchain virtual machine?
    I know what a virtual machine is but what does that mean on a block chain?

  2. watched , liked & shared = true ;

    Greetings from Kenya africa

  3. Spot on point about AI + blockchain. It sounds so much like a shady ICO rather than a combination of actual technologies. Thank you Andreas for the great videos!

  4. Andreas the man! thanks for talking about smart contract, I think we can't be aiming at making smart contracts legally binding but at going below the legal system and makes them executable without waiting permission. What happens when a party default? the code execute and what was determine it will happen in a default situation will happen, a state predefined way before the code was even written. What can happen if an unhappy party goes to court to invalidate the execution of the smart contract? It was just a computer code being execute and no one force you to put your crypto coins in it, “Nemo auditur propriam turpitudinem allegans” (No one shall be heard, who invokes his own guilt).

    Unfortunately the legal binding authority is in the hands of the powers that be, the oligarchy-banking-warlords are who makes the laws in any empire, and since they want to keep printing money with the fractional reserve banking so they can fund their wars, they will not grant the legally binding authority to bitcoin, not at least until bitcoin is centrally controlled by them, that's why this times keeps being crucial, bitcoin as store of value for now, keeping the network decentralized as possible until bitmain chips becomes obsolete and keep coding to make smart contracts amazing! Never lose the north: "Chancellor on Brink of Second Bailout for Banks”.

  5. I was listening and lost focus and my eyes crossed and it look like you had a 3rd eye. Bullish.

  6. I prefer bitcoin. I wont touch Eth.

  7. Aantonop im a big fan.. What do you think about Secret Contracts as Enigma is trying to realize?

  8. Question: What do you think about the ethereum full node size problem? Do you run your own ETH full node?

  9. Can you please zoom out a bit mate. Also, love your content. Keep doin.

  10. "A smart Contract is a dumb programme" lol! Oh thank god for your expert knowledge Andreas. I love it, no 'mince' in your words at all. :-))

  11. Yeah, I red flag any hyped buzz words in marketing, like when they advertise 'quantum computing resistant' you know it's b.s.

  12. What are your thoughts on double deposit escrow as a "default protection mechanism" within open blockchain-based contracts? If both parties put a deposit in, does it actually force them to honor the agreement?

  13. Thank you for all your work. I use your content to help new adopters and myself understand Bitcoin and the Blockchain based projects better. Safe Travels.

  14. A smart contract being legally binding seems a bit meaningless to me since the code will run exactly according to how it is written with or without unintended consequences. The potential legality of the contract is not interesting since it's deterministic, it's like making a law about when the sun should set.

  15. Better system all the way round compared to legacy stock and share system.

  16. Hi Andreas. Good upload, I am invested in an ICO with good marketing and the combination of AI & smart contracts. I will definitely confront them to respond on your point of view.

    Have you ever heard of 'Ricardian contracts'?
    I have heard that it could be able to make program/protocol rules law through a system that you have described in short. It might be a good addition to this upload.

  17. Fuck it im here to Prove Him WRONG!!! Watch the fuck out for my Machine Learning Smart Contract Pet sitter DAPP! (ON THE Ethereum Classic Blockchain!)

  18. “I think the term ‘smart contract’ is confusing” — makes total sense, given that we are in an industry that uses terms like “wallets” that aren’t wallets, “coins” that aren’t coins, “crypto currency” that isn’t a currency at all, and “mining” that is similar to mining in that the people who make the money are the ones who manufacture the mining equipment. And for some reason mining has a guaranteed payout for someone, unlike the real world term.

  19. Everything is a contract. We make contracts even just to go on dates.

  20. How can people make money from crytocurrency apart from mining, trading, buying and selling?

  21. Ethereum block time is less than 20 seconds. Is this enough time to propagate blocks compare to Bitcoin’s block time? I thought short block time creates orphan blocks