Buterin Regrets Adopting the Term Smart Contracts For Ethereum

Oct 15, 2018 at 11:05 Update Date :Oct 15, 2018 at 11:05 UTC

Creator of Ethereum stated that he regrets the idea of adopting ‘smart contracts’ and he call it more boring and technical.

Vitalik Buterin, the Co-Founder of Ethereum, said in his tweet about his regret on adopting smart contracts – a term synonymous with Ethereum.

Vitalik’s tweet was a response to CleanApp, which was talking about ‘CryptoLaw.’ The account was giving details about the structures of government, applications of smart contracts in real life. Vitalik prefer saying smart contracts as “persistent scripts.”

It is an attempt to move smart contracts into a program which will execute persistently and away from the legal documents. Smart contracts have been all the rage since a year.

In 2017, Ethereum was a success when it exploded the market from its $8 price to all the way up to $1400 per ethereum. This led teams to imitate Ethereum’s model. After this, smart contracts tokens started coming. Some of the smart contracts token that were launched are Neo, Tron, Lisk, EOS, and Wanchain.

Cryptocurrency governance has been a trending topic since the Ethereum’s DAO hack led to hard fork. During this, Ethereum decided to roll back the chain and hacked coins to all the people who lost their money in the hack. This was indeed a high controversy move.

However, Vlad Zamfir, Associate at Ethereum, said that he doesn’t regret the terminology and believes that it was a learning opportunity for every single person working there.

The term – Smart Contracts, was proposed by Nick Szabo, a computer scientist and BTC pioneer, in 1994.

In 1998, he invented Bit Gold – a virtual currency, ten years before the invention of Bitcoin (BTC).

According to Szabo, smart contracts are computerized protocols for transaction which execute terms of the contract. His vision was to extend the electronic transaction method like point of sale (POS) to the digital realm.

Leave a Reply

Please Login to comment
Notify of