noahiva
@noahiva
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1994, Washington. Nick Szabo, a member of the cypherpunk group, was writing in his humble apartment. On the screen was a paper on "smart contracts". Szabo's apartment was filled with books on law and computer science. As a researcher who was interested in both fields, he had been thinking about how to combine the certainty of law with the precision of computer programs. "Imagine a vending machine," Szabo wrote, "that's the simplest smart contract. It doesn't need a judge to enforce the contract, it doesn't need a policeman to maintain order, the rules are written in the machine's program."
"There are too many problems with traditional contracts," he told reporters who came to interview him, "performance depends on human will, and dispute resolution requires lengthy litigation. But if we can encode the contract into a program, it will run strictly according to the preset rules. No judges, no lawyers, only code." 0 reply
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