“… The movement from static to dynamic media promises to bring about a fourth cost revolution in the related areas of jurisdiction, trust, and security. Impacts on business will be felt in law, accounting, auditing, billing, collections, contracts, confidentiality, and so on: in short, the entire nature of our business relationships will be altered in ways only partially foreseeable.”
– Nick Szabo
Diving into another excellent piece from Szabo on establishing and updating how we create, enforce, and control relationships in the world of cyberspace. Check out the full essay at the Nakamoto Institute:
And don’t forget to follow Szabo on Twitter:
Listening to an essay from 1997 that details specific challenges of something as distant as the smart contract embedded into the Lightning Network shows the unbelievable foresight of the cypherpunks. As well as the dedication to seeing their vision become a reality. Don’t miss the continuation of Szabo’s amazing piece, “Formalizing and Securing Relationships on Public Networks.”
Link to the Nakamoto Institute for hosting this incredible work:
Don’t forget to check out the many different elements discussed in the commentary if you want to learn more.
The risks and benefits of chargebacks, the nature of the trade-off between contract enforcement & ensuring privacy, the elements of splitting contractual elements (the ripped dollar bill) to minimize trust, pseudonymous credit ratings, and so much more in our completion of Szabo’s essay, “Formalizing and Securing Relationships on Public Networks.” More amazing foresight into the problems of smart contract design, detailed more than a decade before Bitcoin even existed. Link to the Nakamoto Institute for hosting this incredible work: nakamotoinstitute.org/formalizing-securing-relationships/