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Smart Contracts
Contract as Program Code
- Terms enforced by program’s execution
- Inescapable arrangement vs. punishment.
Contract host == trusted escrow & enforcer
- Local knowledge of the “People’s Law�
provides private law per-contract
Nick Szabo’s www.best.com/~szabo
Lessig’s “Code and other Laws of Cyberspace�
Our “Capability-based Financial Instruments� at FC’00