Consensys Capital founder on smart contracts replacing banks.
Can someone access the full article and post it here? Thanks.
Interested in the connection between Consensys Capital and Chainlink.
Consensys Capital founder on smart contracts replacing banks
Henry Morgan
Evan Howard
pretty sure theyre working with each other. consenys been mentioned a lot hre.
Eli Gutierrez
Checked...it appears you’re on to something lads...
Josiah Miller
Bump & checked
Daniel Williams
Gavin Torres
Perfect, thanks user. Takeaway points:
>Scalability barrier to adoption (but link does offchain computing)
>Consensys parnetered with 15 banks in a venture called komgo to digitise trading and commodity finance
>smart contract adoption for money transactions by Q1 2020.... but some bankers disagree and think that is too soon, but don’t really say why (nice FUD)
This is a balanced and interesting article but I don’t really have the knowledge of banking to decide what I think about it all.
If we are betting on LINK we are doing so because we are also betting on smart contract adoption... the way I see it, if smart contracts can replace existing systems and do them faster and cheaper, then they will. Any entity which adopts them will be more competitive. They will undercut those who cannot offer those savings. Hence adoption is inevitable. I don’t really understand the alternative scenario which the bankers talk about in this article, with smart contracts making up only a minor portion of whatever...
Also, this article is purely about banking. We know that smart contracts can be applied to much more than payments and transfers.
Juan Allen
Kaleido
Kaiko
Komgo
Daniel Cruz
This thread is literally an echo chamber. Thanks for confirming that Consensys is part of this scam.
They’re in NY. They’ll be hearing from the SEC.
Christian Walker
K.k.kek
Ayden Jackson
Based user, based info
Xavier Baker
Carter Gomez
The issue with expecting Smart Contracts to replace banks and attorneys is that the current legal systems of the world require a degree of human oversight and interaction to consent and sign off on things. As it stands now, Smart Contracts won’t hold up in most courts. That’s a huge problem for adoption.
Jeremiah Powell
This.
Every positive reply in this thread is fake. It’s an echo chamber.
Don’t fall for this elaborate scam.
Daniel Anderson
this. what kind of "gas chamber" uses wooden doors anyway?
Alexander Watson
Someone on twitter made this. You all may find it useful because it shows where Consensys is connected
Jose Long
Pretty sure the UK government recently recognised smart contracts as legal agreements. Or that they have a working group looking in to it.
Fortunately, the simplest, most deterministic smart contracts are also the most valuable (such as financial markets, derivatives and such). I agree that complex legal documents are not good candidates for smart contracts but simple, deterministic agreements are not that complicated.
Barriers to adoption will come down. First we have to make smart contracts useful. Once we have working oracles, experiments can start.
There is a blockchain “literal who” start up out there right now in the fintech space that one day will be as successful as any legacy system based company, and chances are they will use chainlink.
Julian Howard
How do? Electronic signatures have been legally enforceable in the US since UETA and ESIGN (adopted by 47 states) back in 2000. . All smart contract do is utilize electronic signatures.
Basically states “no contract, signature, or record shall be denied legal effect solely because it is in electronic form”. We basically need almost new legislation to give smart contracts effect. Even though no new legislation is necessarily needed we already have 4 states in the last year that have made legislation giving legal effect to smart contracts ( Tennessee, Vermont, Arizona) with similar bills pending in Nebraska, New York, and Ohio.
Zachary Bell
explain for a brainlet what an example of a simple, deterministic agreement is
Grayson Phillips
How much of a problem is this in the US?
Bentley Sullivan
Something very basic, if this then that. Money transfers. Insurance payouts.
Not like a complex legal document, I can see how that would not translate to simple code.
Carson Brown
that's literally the stuff accord and openlaw are working on right now and that mark oblad has written about... the groundwork is being laid right now so in the near future this won't be an obstacle...