Ethereum Q&A: The Legality of Smart Contracts

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Are smart contracts legally binding? How can tokens represent ownership of external assets? Are those transfers of titles recognised? Where are ether transactions stored when contract code is executed? How are state transitions validated? Will smart contracts work to the extent that people envision? Should we combine smart contracts with artificial intelligence (AI) and machine learning (ML), or is all of this tech still too immature?
Chapters
0:00 Is a smart contract legally accepted? What happens if one party defaults?
1:34 For the second part of your question, "What happens if one party defaults?"
2:08 How is a token singled out and designated to represent ownership of a house, for example? How can I decide that a particular token will represent ownership, and then code that into the token?
3:42 Where are Ethereum transactions stored after executing the contract code?
6:06 Is there enough being done to confirm that smart contracts will work in the way people envisioned?
7:04 Do you think it is possible to combine smart contracts with artificial intelligence (AI) and machine learning?
These questions are from MOOC 9.6 and 9.7 sessions, which took place on March 23rd and March 30th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles.
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: / aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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Website: antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
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3 авг 2024

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Комментарии : 30

@scottharrisfirestone1390 6 лет назад

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.

@gbuwally6326 6 лет назад

“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.

@alex-georgiou 6 лет назад

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!

@fr4nkga90 6 лет назад

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

@BlaBlaBla87702 6 лет назад

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”.

@nion456789 6 лет назад

Smashed the like

@tradersnow 6 лет назад

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?

@chrisshamoun1200 6 лет назад

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

@hugobos6275 6 лет назад

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.

@SoundsInstinctive 6 лет назад

MAN is coming 😏

@young-ceo 6 лет назад

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

@stephenmmodzi9605 2 года назад

So if ownership is encoded into a Token, and someone stoles that token or hack it, they cannot claim ownership of the contents of the token i.e House deed?

@dtavella82 6 лет назад

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

@rizanc 6 лет назад

About that zoom. Jimmy does the same thing. Must be the new trend in crypto gurus for 2018..

@lilybrogan1440 6 лет назад

"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. :-))

@livinagoodlife 6 лет назад

Lily Brogan yeah, this seems like a daft thing to say. I feel like he only said it to oppose it being called a ‘smart’ contract.

@newerest1 6 лет назад

or because calling it a smart contract is a misnomer for the reasons he laid out?

@monkeytron6858 6 лет назад

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

@IcyyDicy 6 лет назад

It's going to be fairly difficult to explain this in a youtube comment, I recommend looking up "ethereum virtual machine" either on youtube or google to get more information. What andreas meant by "a blockchain virtual machine" is any similar piece of technology like ethereum's virtual machine. To put it simply, etherum's virtual machines are to blockchain virtual machines as apples are to fruit.

@aethermass 6 лет назад

If you think of a normal virtual machine (VM) as an operating environment for computing, then you are half way there. If your VM has a Windows OS, you can run programs that require that environment in the container. If your VM has a Linux OS, you can run supported programs for that environment. If your VM is Ethereum-based, you can run supported programs for that environment -- one important detail is that the state of the VM (memory/data) is stored on the blockchain instead of a local RAM and disk.

@kristoffernolgren 6 лет назад

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.

@williammoriarty2476 6 лет назад

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

@williammoriarty2476 6 лет назад

Less paper work burden - quicker than current legacy system. Most tokens are not security’s or shares as if that company went down - a token doesn’t allow you a share of the assets they sell off. Most are utility’s unless stated explicitly otherwise. Can’t be hypothecated like legacy stocks/shares too.

@JarredRaycom 5 лет назад

William Moriarty do you have examples of these sort of tokens? I’m curious if you buy a token coded to represent a private money fund of equities; how does token value change?

@williammoriarty2476 5 лет назад

Jarred Ray how does value change? Quite a broad q?

@CryptoRootz 6 лет назад

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!)