The Tender For Law

Volume 5

Feb 28, 2014 2:24 AM

Pete Daoust

Hey ChiefRock, look at this :D Self Enforcing "CONTRACT" :D

DAOs Are Not Scary, Part 1: Self-Enforcing Contracts And Factum Law

blog.ethereum.org

Many of the concepts that we promote over in Ethereum land may seem incredibly futuristic, and perhaps even frightening, at times. We talk about so-called "smart contracts" that execute themselves ...

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Anibal Jose Baez

<<How will this be better than the current system? In short, what this introduces is �judges as a service�. Now, in order to become a �judge� you need to get hired at a private arbitration firm or a government court or start your own. In a cryptographically enabled factum law system, being a judge simply requires having a public key and a computer with internet access. As counterintuitive as it sounds, not all judges need to be well-versed in law. Some judges can specialize in, for example, determining whether or not a product was shipped correctly (ideally, the postal system would do this). Other judges can verify the completion of employment contracts. Others would appraise damages for insurance contracts. It would be up to the contract writer to plug in judges of each type in the appropriate places in the contract, and the part of the contract that can be defined purely in computer code will be.>>