Author: ZmnSCPxj 2021-12-08 23:23:46
Published on: 2021-12-08T23:23:46+00:00
The article discusses the concept of "smart" contracts and how they self-enforce rather than require a third party to enforce it. The author proposes a redesign in Bitcoin terms to record a "default branch" that can be automatically executed when the future block height arrives, with limitations on the amount of resources consumed on typical nodes. The point is made that "smart"ness is not a Boolean flag, but a spectrum, and any change to the programming model risks the introduction of bugs that can demolish the basis of the "smart"ness of "smart" contracts. The N-of-N rule is discussed, and while the benefit of contracts without it is non-interactivity of sending, having everyone online poses a major obstacle for decentralized coordination-free mining pools. The article concludes by emphasizing the importance of pursuing improvements in the hardware that Bitcoin runs on to improve its ability to adjudicate transfers of value.
Updated on: 2023-06-15T03:21:17.332333+00:00