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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

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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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[–] actsukrit@lemm.ee 6 points 1 year ago* (last edited 1 year ago) (1 children)

amount of ETH in a smart contract

I don't have cryptocurrency. So that's a no go overall. And making a wallet so I can purchase some ETH to enter into a contract is enough trouble for me to look elsewhere for the same services.

If the person doesn’t respect their engagement, they must be penalized. In this scenario, there is no legal tool to ensure this.

Surely if there has been a breach in contract then this could still go to court? Suing for a breach in contract is a thing. Admittedly this is far less convenient than a smart contract to handle this.

I don't think smart contracts (contracts administered by programming), are inherently a bad idea: but having them be so strongly tied into cryptocurrencies does make it a lot less attractive as a tool to a lot of folks. If I could deposit real world currency into them to use as escrow instead of having to go through ETH, I probably would have no problem entering into one with lower stakes for failure to follow through.

[–] kurogane@sopuli.xyz 1 points 1 year ago

Regarding your second point, this becomes tricky when both parties are from different countries, for starters. Smart contract would be fast, and impartial in this case.
But for your first point, this is a very legitimate concern. The entry point of those ecosystems is complex, tech-savy, and poorly regulated. I understand why it is never the first option.