cm0002Etherium logo finally makes sense
no bananaWhat is an “Ethereum”? Some sort of subscription?
vgaIt’s a pretty old cryptocoin: initally released back in 2015, and a significant change deployed in 2022. It was then when they changed from proof-of-work to proof-of-stake, which basically means that they don’t use mining anymore to keep the network running. They use like 1% of energy compared to PoW coins.
Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any use for that stuff.
Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.
Anything you need complicated multi-party interactions for that you want guarantees on. Real estate escrow comes to mind first. Depository accounts with yield. Multi-signature corporate treasuries. Whatever. It’s programmable money.
Would be great if they got some of that out there.
I reckon most of that already is. A real estate escrow smart contract is maybe 200-300 lines long in Solidity, depending of course on what it supports (contingencies and such).
The off chain legalities are the tricky part of a real estate crypto deal.
Can changing house ownership really be as simple as making an alterations on a decentralized ledger?
You can mimic any existing setup for tracking deeds and similar, or invent new ones, with the added quality that they can’t be doctored.
Blockchain is immutable but legal contracts usually are not. They have break clauses, implied rights etc.
I suspect everything can be implemented correctly, but my doubt isn’t technical, it’s legal.
Think of a smart contracts like a vending machine. You can’t just build one and start selling real things from it. Laws need to be followed.
You can program anything up to and including judicial oversight and interaction rescission into a smart contract.
You have to programme reversiblity and authorise people who can make changes in advance. Decisions on when this happens are outside the blockchain.
It doesn’t matter if laws are beneficial or damaging, they still need to be followed.
Respectfully, I think it’s just you. Ethereum smart contracts are universally publicized and utilized in the crypto community, and it’s why people were/are interested in the project. Many other coins are built on top of this technology. It’s pretty foundational. If you look into crypto any deeper than just buying and selling it, then the topic should have come up pretty much immediately.
Good to know, thanks.