Re:Cryptocurrency loan platform implodes in $130M hack
by bbarnett on Friday October 29, 2021 @03:47PM
(#29042766)
Smart contracts are the executor, for example, imagine a smart will. It would hand out an estate in eth automatically upon death.
But just as in real life, an executor can make mistakes.
Traditionally, a judge may return or redistribute assets in such a case. Or claim the will was not interpreted correctly. In such cases, determining the intent of the contract is the goal of the court.
Like it or not, smart contracts are not immune to contract law, civil law, courts.
The first court cases, which will undoubtedly happen, will be very interesting.
And moreso, different legal jurisdictions will interpret things differently. If I was writing smart contracts, I'd want some sort of boilerplate, insisting upon legal jurisdiction, maybe like an open source license, but for smart contracts.
After all, once your identity is known, normal courts can compel you to do things...
But just as in real life, an executor can make mistakes.
Traditionally, a judge may return or redistribute assets in such a case. Or claim the will was not interpreted correctly. In such cases, determining the intent of the contract is the goal of the court.
Like it or not, smart contracts are not immune to contract law, civil law, courts.
The first court cases, which will undoubtedly happen, will be very interesting.
And moreso, different legal jurisdictions will interpret things differently. If I was writing smart contracts, I'd want some sort of boilerplate, insisting upon legal jurisdiction, maybe like an open source license, but for smart contracts.
After all, once your identity is known, normal courts can compel you to do things...