Smart contracts vs dumb contracts
Update 7/12 I merged the discussion of datachains and pornchains into a separate article which is now here: http://roberts.pm/datachain.
When I first entered the Bitcoin space the term “smart contract” had a very specific meaning: it was any transactional protocol built on top of Bitcoin whose basic functionality did not have to depend on trusting a third-party. In other words, a smart contract had the same requirements for trust as Bitcoin did – that the results were absolute and it was beyond the power of anyone to circumvent the intended behaviors of the system.
Today, the term “smart contract” is used to refer to any kind of program or transactional protocol making use of the blockchain, period. The definition has become so very broad that it can more or less be applied to anything, but before I get side-tracked talking about that - I would like to revisit the early days and...
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