Keywords: Ricardian contract, smart contract, BitcoinĬhapter 3 in: Blockchain Technology Editor Eva R. Then, our future goal is to incorporate both the prose of the Ricardian and the code of the smart contract, towards a fuller capture of the entire lifecycle of the contract. More importantly, the Ricardian contract captures the essence of the understanding of agreement, whereas the smart contract captures the performance of that agreement they are two phases of a wider multi-phase project. Which should a designer choose? Smart or Ricardian?Īn analysis of both, compared, reveals that they are totally different, which begs the question, what is a contract, anyway? A contract in law is an agreement of the parties, and both of these designs fall short of entirely capturing that agreement. Mark Miller sees these as two halves of a split contract, but a more popular view is to see it as an either/or choice (Walker, 1994). An alternate design, the Ricardian contract designed by the present author, is currently used by a few innovatory systems such as Mattereum, OpenTransactions, OpenBazaar, Askemos and CommonAccord (WebFunds, 2022). On the Intersection of Ricardian and Smart Contractsīitcoin’s inclusion of the smart contract form invented by Nick Szabo has thrust this design into the forefront (Szabo, 1994). Many have been published in some formal academic conference or journal. Each of these papers has been written and circulated
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