It's funny that it just re-invented stuff already used for old world finances, and just invented escrow with more moving parts while still requiring non-compromised 3rd party.
Not really. Smart contracts ensure that if all the conditions are met, the contract will be fulfilled. They achieve that through decentralisation: no one person can decide whether or not it will be fulfilled.
No real world contract can replicate that - you have to go to court to enforce a breach of contract and it isn't certain you will succeed. Even if you succeed the other party can refuse to comply, and then you need to try to enforce, which also may or may not work.
PunchyHamster|3 months ago
mlrtime|2 months ago
But you're right, it is reinventing traditional finance, that is kind of the point, except nobody controls it.
jbstack|3 months ago
No real world contract can replicate that - you have to go to court to enforce a breach of contract and it isn't certain you will succeed. Even if you succeed the other party can refuse to comply, and then you need to try to enforce, which also may or may not work.