Editing Dumb contracts (section)

= Where we’re at today =

I think that we’re still in the hype stages when it comes to things like programmatic organizations, smart contracts, and decentralized autonomous systems based on the current quality of reporting. Perhaps the reason for this is that nobody can figure out what any of this stuff means since it’s virtually impossible to decipher key definitions when so many of them are utterly confusing double-speak or straight up non-sense.

I think that if we were to start by defining what a company like Ethereum does using my definitions, we would end up with little more than a glorified accounting and permission system focusing on recording dumb contracts and programmatic organizations in a shared ledger – the bulk of which is probably better served by using a traditional legal structure anyway.

Even most of the so-called “smart contracts” on Ethereums are actually just “dumb contracts” since they require third-party trust to function. This view also means that its highly unlikely that Ethereum would even be used for a genuine smart contract as such a contract would still need to be done via a specifically constructed cryptographic protocol where a consensus system like Ethereum was unlikely to help with that.

Even less flattering is how things look when we consider the real-world user-cases for this technology. If you have a look at the actual DAPPs that Ethereum developers have already created you’ll notice that most of them already existed in a far better, more refined form using various cryptocurrencies or centralized versions before Ethereum existed.

[https://medium.com/@bedeho/why-your-ethereum-project-will-most-likely-fail-d14b6d8f1c7c#.ejs2da9e2 See https://medium.com/@bedeho/why-your-ethereum-project-will-most-likely-fail-d14b6d8f1c7c#.ejs2da9e2 for more details]

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