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RE: How to create a meaningful Blockchain Constitution

in #eos7 years ago

Question: how do you define smart contract? I have a hard time viewing Steemit as a smart contract, as I think Bitcoin would be too in that sense, and Ethereum's definition.
(also I haven't finish reading it yet).

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There are many attempts to define a smart contract, but in my opinion every blockchain is a smart contract.

A contract is a commitment to take certain actions in response to certain inputs. A blockchain is a log of user inputs and the code represents the actions to be taken.

A smart contract is actually composed of more than just code, consider the concept of ricardian contracts. In this case, you have code combined with written agreements.

Etheruem style smart contracts are just one kind of smart contract. A vending machine is a physical implementation of a smart contract.

OK I get it.

Although I kind of prefer to call smart contracts contract that are rule by blockchain laws. Sure, Steemit, in your sense, can be viewed as a smart contract, if you take in account the fact that the code is open source for instance.