this post was submitted on 18 Aug 2023
0 points (NaN% liked)

Technology

59192 readers
2547 users here now

This is a most excellent place for technology news and articles.

Our Rules

  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago
MODERATORS
L3s@lemmy.world
L3s@fry.gs
L4s@fry.gs
L4s@lemmy.world
enu@lemmy.world
0
A key feature of NFTs has completely broken / Web3 was supposed to make sure the original artist always got paid. Not so much anymore. (www.theverge.com)
submitted 1 year ago by 2tone@lemmy.world to c/technology@lemmy.world
11 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] PopularUsername@lemmy.world 0 points 1 year ago (1 children)

Apparently, smart contracts are not contracts at all... they are friendly suggestions. Unsurprisingly a contract needs a mechanism to enforce it, which makes decentralized contracts redundant at best (as you still need institutions outside of the blockchain to monitor and enforce the contracts), and or worse, completely useless if there is no legal way to enforce them.

[–] anlumo@feddit.de 0 points 1 year ago

The idea behind smart contracts is that they contain code to verify that the contract is fulfilled (that’s the “smart” part of the name).

This of course also means that you can only use it for stuff that happens on the same blockchain, because the contract can’t verify anything outside of that.

Which is why this isn’t relevant for the real world, it’s just eating its own tail.