Is Etheruem Smart Contract Really Smart?

[Wenbing]

Well, to me contract is the crux of the judicial system because legal case always involves to or more parties.

Contract is an agreement between two parties. For example , Kelvin agree to sell a house to Lydia @ $1000. That is traditional contract which is validated by a written agreement.

Smart contract is a technology that seek to remove the middle man(lawyers) from contract construction and execution and make computer to perform the function.

The key feature of a smart contract is trustless execution. That means, both parties of a contract are not trusted until they fulfill certain conditions.

Here is how this thread will go...

1. Is Etheruem smart contract really smart in reality and not in theory?

2. Who handle the execution of the smart contract ?

3. How does Centralized system or decentralized system affects the key feature of smart contract which is 'TRUSTLESS EXECUTION'?

[ryzaadit]

1. Is Etheruem smart contract really smart in reality and not in theory?

So, we need to explain by logically not a theory? Okay then.

Let's think a second, not everyone can make a smart contract because there have so much to do like tested and implemented the code and normal people cant do that's. Also, the smart contract running without intervention from the human, person or someone who want to manage the contract. Make all the transaction and execution automatically without anyone part of the transacion.

Even when the creator of smart contract leaving the project or smart contract, the smart contract who already implemented and running still can running without the creator. Can be same like bitcoin, when satoshi leaves the bitcoin until now bitcoin still running without him.

Is that's enough to make them "smart"?

2. Who handle the execution of the smart contract ?

A blockchain from the coin who provide a smart contract service.

3. How does Centralized system or decentralized system affects the key feature of smart contract which is 'TRUSTLESS EXECUTION'?

Without a third party or someone on preventing all transaction by using smart contract cant really be manipulation, and edited for all transaction make more trust into the smart contract or blockchain.

[Wenbing]

<snip>
Without a third party or someone on preventing all transaction by using smart contract cant really be manipulation, and edited for all transaction make more trust into the smart contract or blockchain.

The reason while smart contract has some weakness is that it acts as law without the spirit of the law. What i means is this, smart contract can not make judgement and take decision that is outside the existing conditions of the code of the smart contract.

secondary, a smart contract that is centralized makes it prone to manipulation and we can not term it smart in that case.

[minairia3]

secondary, a smart contract that is centralized makes it prone to manipulation and we can not term it smart in that case.

I never heard a smart contract being centralized. What you probably means is a third party handling the smart contract. If you are talking about ethereum network, or any other smart contract operator, once it is deployed its alrrady immutable and cannot be alter. Its just depend on how a certain party will disperse those token inside a smart contract.

If you dont want to termed it smart so be it. But its creator does not termed it like that without its purpose.

[qazgroup]

Well, to me contract is the crux of the judicial system because legal case always involves to or more parties.

Contract is an agreement between two parties. For example , Kelvin agree to sell a house to Lydia @ $1000. That is traditional contract which is validated by a written agreement.

Smart contract is a technology that seek to remove the middle man(lawyers) from contract construction and execution and make computer to perform the function.

The key feature of a smart contract is trustless execution. That means, both parties of a contract are not trusted until they fulfill certain conditions.

Here is how this thread will go...

1. Is Etheruem smart contract really smart in reality and not in theory?

2. Who handle the execution of the smart contract ?

3. How does Centralized system or decentralized system affects the key feature of smart contract which is 'TRUSTLESS EXECUTION'?

If you talk about in software, programming or coding sense then these are good enough smart contracts and you can build even more dapps and softwares on top of it using the infrastructure provided by eth network.
Regarding real world uses or like in your example a real estate deed, more work is going on and a lot of new modules are under development even new forms of erc tokens to offer more services to even physical businesses and markets.
And also independent developers are working to develop such solutions on top of ethereum for example, in real estate sector you can study propy or atlant they are developing something that will answer you precisely.

[ryzaadit]

The reason while smart contract has some weakness is that it acts as law without the spirit of the law. What i means is this, smart contract can not make judgement and take decision that is outside the existing conditions of the code of the smart contract.

secondary, a smart contract that is centralized makes it prone to manipulation and we can not term it smart in that case.

That, did you think.

But the reality, there has some consensus who provided "proof of human" who still need human interactions and a node who acting to verified a document also there has some smart contract who verified all document too before saved it into the blockchain too. If the document already stored/saved to blockchain, mean they can't be manipulation anymore.

You can find it on google, I just forget a little bit since reading it a few months ago

[Ucy]

1. Is Etheruem smart contract really smart in reality and not in theory?

So, we need to explain by logically not a theory? Okay then.

Let's think a second, not everyone can make a smart contract because there have so much to do like tested and implemented the code and normal people cant do that's. Also, the smart contract running without intervention from the human, person or someone who want to manage the contract. Make all the transaction and execution automatically without anyone part of the transacion.

I doubt it will be fully independent of humans.
 Certain smart-contract based system will likely need human participation (humans like  arbiters, witnesses etc) incase of disagreements or complex/complicated contracts. Proper rules will need to be included in such system for quick handling of cases.

[yhiaali3]

The name "smart contract" is a slightly confused name because it is actually not a contract like the natural contract has legal consequences in the "real world". As you mentioned in your example of a house purchase contract between two parties, and in case of non-compliance, the contract can be submitted to the court for punishment.
On the contrary, the smart contract is not supported by anyone, but rather a set of self-executing code. Smart contract only is software capable of sending transactions to other accounts on the blockchain without any interference from any central authority or by any third person.
We can say that in smart contracts, code is the law. you do not need a third party to implement the law, but rather it is applied automatically.

[ryzaadit]

I doubt it will be fully independent of humans.
 Certain smart-contract based system will likely need human participation (humans like  arbiters, witnesses etc) incase of disagreements or complex/complicated contracts. Proper rules will need to be included in such system for quick handling of cases.

Bro.

1. First, the creator creates the contract.
2. When the creator has been creating a contract, then the audit provider audit the contract
3. Everything is good, then a smart contract will be applied to the network.

What, I explain the smart contract for most of smart contract who really running without any activity from the creator when the smart contract has been created and audit without some problem. If you want to looking for a specific smart contract or consensus who really have ability to verified some document, then you looking a smart contract or consensus who still need human participation on the transaction or node verified a transaction before the data store or transaction into the blockchain..

[bitkanu]

Well, to me contract is the crux of the judicial system because legal case always involves to or more parties.

Contract is an agreement between two parties. For example , Kelvin agree to sell a house to Lydia @ $1000. That is traditional contract which is validated by a written agreement.

Smart contract is a technology that seek to remove the middle man(lawyers) from contract construction and execution and make computer to perform the function.

The key feature of a smart contract is trustless execution. That means, both parties of a contract are not trusted until they fulfill certain conditions.

Here is how this thread will go...

1. Is Etheruem smart contract really smart in reality and not in theory?

2. Who handle the execution of the smart contract ?

3. How does Centralized system or decentralized system affects the key feature of smart contract which is 'TRUSTLESS EXECUTION'?

1. it's not, as Ether smart contract is much more in theory rather than reality.

2. EVM was a virtual engine that was executing the contract.

I suggest you read some articles about why ethereum wanna try to migrate into the eWASM and leave the EVM.

[Oppo57]

Yes I believe that ethereum smart contract really smart. With this, various exchanges can be done very easily. And it is a very reliable medium. Best wishes for ethereum smart contact.

[Wenbing]

secondary, a smart contract that is centralized makes it prone to manipulation and we can not term it smart in that case.

I never heard a smart contract being centralized. What you probably means is a third party handling the smart contract. If you are talking about ethereum network, or any other smart contract operator, once it is deployed its alrrady immutable and cannot be alter. Its just depend on how a certain party will disperse those token inside a smart contract.

If you dont want to termed it smart so be it. But its creator does not termed it like that without its purpose.

There are smart contract that can be executed independently of third parties while other still needs third parties. Third parties in a smart contract makes the purpose somewhat defeated because there should be elimination of TRUST on the system.

~~~
And also independent developers are working to develop such solutions on top of ethereum for example, in real estate sector you can study propy or atlant they are developing something that will answer you precisely.

I'm happy with your response as it clearly shows that smart contract is an evolving solution.

I read from an article that with blockchian and smart contract, you'll be able to eliminate all forms of corruption from a system, politically and business.

The reason while smart contract has some weakness is that it acts as law without the spirit of the law. What i means is this, smart contract can not make judgement and take decision that is outside the existing conditions of the code of the smart contract.

secondary, a smart contract that is centralized makes it prone to manipulation and we can not term it smart in that case.

That, did you think.

But the reality, there has some consensus who provided "proof of human" who still need human interactions and a node who acting to verified a document also there has some smart contract who verified all document too before saved it into the blockchain too. If the document already stored/saved to blockchain, mean they can't be manipulation anymore.

You can find it on google, I just forget a little bit since reading it a few months ago

This can work with blockchain invention to solve many problems in the economy.

In the future it'll be possible to identified the actual owner of a livestock being sold to you just by using blockcain application on it.

Its excites me.

[moderator's note: consecutive posts merged]