 Hello, you are watching the Daily Decrypt. I'm your host Amanda, and today's episode is brought to you by Dash. So man, servant, you say you have a question for me. Please proceed. What's up with these smart contracts I've been hearing about? Smart contracts. Good that you ask. So a smart contract is a, like, basically a computerized way that you can execute an agreement between you and any other number of people that has to do with any sort of digital assets or commodity or money or whatever. Basically, it's a way to make an agreement and ensure that it gets executed without the need for human intervention. What inputs are unique to smart contracts or are needed for a smart contract? What kind of inputs? Sure, okay. So generally, people don't make contracts unless they're agreeing about what's to be done with property, basically, right? Like money or assets or whatever. So we could pretend that you and I want to go into business together. I don't know why I would ever want to do that with you, but let's pretend I did. And we both want to put $50 into the Daily Decrypt's general fund. We could create what's called a two of two Bitcoin multi-signature address. We would both send to it. And by the very nature of how that multi-signature address works, the funds could never be spent without signing on both of our parts. And so we're both kept honest and our initial agreement is maintained solely via code. You know, there's no like lawyer or custodian between us making sure that neither of us violates what we said we would do with the money. So you said a Bitcoin multi-signature address. Is it unique to Bitcoin? I thought I read that some people had developed smart contracts on the NXT or Ripple or other blockchains. Yes, there are several blockchains that have these capabilities and something that a lot of people predict will come in the future, which is really neat is smart contracts, which could also manage physical goods. So let's say for example, you have a car and it's X number of years into the future. And so the way you open your car is not, you know, with like a click click or or a key or whatever, but rather you have a little RFID chip in your car keys and they have your private key in them. So you wave it across your car door and bim bam boom. It opens and starts your car. So because that private key can be represented via a digital token, we could create a smart contract by which if you deposit X number of money, the price of the car, that private key gets transferred to you. And so in that way real-world physical goods can be traded and transferred via digital tokens. And you can trust that the transfers will go through because it's all based in code rather than the fickle whims of humans. And that example you cited, I thought I read some people credited Nick Zabo with that very scenario over two decades ago with this concept of smart contracts. Is that right? You know that sounds right to me. I wouldn't be surprised. I mean it seems like so many of these kinds of ideas are super popular and hip in small like cypherpunk like circles and the rest of us only hear about them like 20 years later. So yeah, I would not be surprised at all. Have you contemplated using smart contracts in your day-to-day? Yes, I really want to actually and I've been kind of putting feelers out there to see if there's anything that will meet our needs. I was thinking the other day as I was lying on a massage bed at the gym, which was so luxurious. Wouldn't it be nice if for example people who wanted to sponsor the daily decrypt only paid for exactly what they got in terms of view counts? Because right now like our business model, the business model of most content creators who I know is sponsorships are just like a flat rate right regardless of how many views any given piece of content ends up getting. So I thought wouldn't it be neat to have a smart contract where a sponsor puts up a certain amount of money and if the view count of their video exceeds a certain number all of the funds go through to us. But if it doesn't then they get a partial refund on the amount that they put out on the amount that they put forward and so that way everybody wins like nobody has to think oh You know, I wish my sponsorship had been on the day with you know more views than it was and the way this is accomplished is what's called what's called apis application programming interface is what I believe it stands for and apis are just how different computer servers like talk to each other and feed real-time information So for the daily decrypts idea to work what I'm calling smart sponsorship We would need a youtube api that would feed live feed our video view counts of any given video to our smart contract so that our smart contract could see Did we meet the threshold or did we not and then it would execute the funding automatically according to that And so I've reached out to a few people a few people say oh That is something that we could do for you if you were a super smart programmer And was running all of this fancy hardware at your house But since I'm not that I'm told that what I want is maybe like a year away This all sounds very interesting the the idea of trustless Contracts between two or more people. What do you envision? For the future can I stop you right there because it's interesting that you use the word trustless It is true that the the parties transacting don't have to trust each other All people have to agree on is I guess math like if you agree And I agree that 2 plus 2 is 4 Well, then that's all we really have to agree on Because computer code is just based on math So if we agree on math Then then we can have any sort of agreement between us that is not going to get ruined or Or overcharged or whatever by like lawyers and judges or you know all of these other fickle people in the world We can just cut them out and we can transact directly with one another and I mean to say nothing of cost savings Right, you know like hmm. Do you want to have a a binding contract with me? It'll cost all of five cents to embed in a blockchain. Hope you can afford it that kind of things It's neat Excellent Are there any resources or sites you recommend I check out to learn more Well, like I said, I've been reaching out to a handful of people who are like working on these things for a living And I want to make sure I don't forget to mention any of them So please just let me say I will make a list in the description section of all websites Which I know either currently have basic level smart contracts available for you to use if you're a tech savvy person Or who hopefully will within the coming year stuff the rest of us can use. I appreciate the info. Yeah Anything else you want to share? um No, I hope your questions were answered man servant. Thanks for asking them. Thanks for giving me the time. 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