When you see a room full of lawyers eager to learn about blockchain, you know one is about to see a sea change.
Financial cryptography they start, is a study between the spaces; going back to The Netherlands in the 90s, we are given a tour of history of how signatures are minted onto coins and cheques…
Digi-cash, the first wave of digital money on the internet. Whilst it did not survive, other secure online businesses such as paypal came to the fore.
What is a bond? What’s a dollar? How do we digitise? How do we keep the contract without losing key aspects?
Through the hash, and a unique number, it would be up to software to find out what it is and then could be presented to user. And the user could use the contract – hence Ricardian contract – for lawyers and users.
How about smart contracts?
What about a system where people can drive the contract? Nick Szabo started the conversation in 90s.
How about psuedonyms?
How about bitcoin?
So is blockchain a computer transaction? A log? Blocks? A mutable item? Or for eternity? How do we do the next block? A lottery as part of the puzzle?
What is a CPU? Winning the puzzle give one a reward, and right to choose next reward.
Ultimately, a peer-to-peer electronic cash system. Writing to a new key and spent by process of lottery and distributed amongst people. The yield? What it means? A unit with no contract? Consensual money?
The conversation to be continued….