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How would you feel about signing a smart contract? (details in description) (sopuli.xyz)

submitted 1 year ago by kurogane@sopuli.xyz to c/asklemmy@lemmy.ml

32 comments fedilink hide all child comments

As a foreword, yes I am very aware of resources like https://web3isgoinggreat.com You don't need to spam the comments with the link.

I am not asking about your general opinions on why crypto kittens is a jerk fest for crypto bros. Please cut the automatic generic rant on why cryptocurrencies is the sandbox of brainless dopamine monkeys. I am asking about your sentiment on a specific scenario, that tries to solve a real problem.

This is just an example, for oversimplification.
In a trust-less environment, one person shares some of their cloud space for a fixed amount of time, with another person they don't know much.

The person asking for the cloud space, promises that they will use it only for X,Y or Z. They both agree to leave all the data in clear text (it is easy to prove whether there has been a breach of trust).
If the person doesn't respect their engagement, they must be penalized. In this scenario, there is no legal tool to ensure this.

Enters the smart contract. The individual asking for a share of the cloud space, deposits a certain amount of ETH in a smart contract. The smart contract itself ensures that the owner of the cloud space will NEVER have access to the deposit fund.
Both individuals sign the smart contract. After a fixed amount of time, the depositor can retrieve their deposit back.
However, if for somewhat reason the depositor breaks their engagement (and do something outside X,Y, Z), the person sharing their cloud space can refuse the refund of the deposit.
Both individuals must then reach a consensus, or the deposit will stay frozen on the smart contract forever.

In this case, would the use of a smart contract be a reasonable solution to you?

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[–] pivot_root@lemmy.world 11 points 1 year ago (1 children)

Isn't this the point of escrow? I trust that more than I trust anything remotely related to crypto.

[–] kurogane@sopuli.xyz 1 points 1 year ago* (last edited 1 year ago) (1 children)

Do you have examples of an escrow in this scenario? Smart contracts are opensource and can be deployed by anyone, like for example one of the two individuals aforementioned. This is the advantage I see in this case.
I am not trying to start an argument, only looking forward finding a proper solution.

[–] ojmcelderry@lemmy.one 6 points 1 year ago

looking forward to finding a proper solution

To the contrary, I think you have a solution in search of a problem.

Your solution is smart contracts, and you're asking us if we agree that your cloud storage example would be a good use case for that solution.