What if smart contracts were a new web standard = new achievement unlocked?
Edit: thought of a catchy name for this – Smart REST.
Smart contracts are all about formalizing trust relationships in an effort to try reduce critical points of failure within an agreement. The idea is that instead of trusting that a person will carry out a given function - we clearly segregate and define those responsibilities which can then be tied to the conditional release of collateral, the change of reputation, the conclusion of a legal contract, and even actions taking place within the real world.
To do this we use cryptographic ledgers which offer us a way to securely and publicly record relationships between individuals. In the case of financial relationships – some of these relationships can be made 100% trustless by using cryptography (a godsend to finance) - and in other cases its usually possible to reduce the amount of trust involved by using things like distributed
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