BlackHalo's smart contract

[luckybit]

I just discovered BlackHalo's smart contract video.  It is very simple, bare-bones, and I would even call it intuitively stable.  It seems to fit in with the implementation of a distributed market place.  So, I would like to summarize and get our feedback on doing this with Bitshares.

Here is my understanding:

A seller and buyer both agree to make a deposit on the block chain.  Additionally, the buyer will include any extra amount, if any, to cover the purchase at the same time.  Now, when both sides sign, these digital assets are secured on the block chain.  Now, both sides must either accept or cancel.  The reasoning here is that the seller will probably be shipping or sending the goods.

CANCEL: A cancel will return all shares to the original parties.  Both parties must accept by signing. 

ACCEPT: An accept returns the deposits but the buyer pays the sellers from their depot plus any extra they would have reserved to cover the entire purchase price.  Both parties must accept.

MODIFY: A modified version of the contract that will (once accepted) cancel the original and adjust deposits and the buyer's purchase reserve accordingly.

BlackHalo's Demo: http://blackhalo.info/#section-our-team

If I'm thinking correctly, this can't really be its own DAC unless the smart contract can be enforced in the primary block-chain.  Otherwise, users could circumvent the rules by bypassing the DAC's rules and going right to the toolkit.  This is so basic though, I think it may fit in the toolkit.  Can it do this already?

What about applying the annual 5% inactivity fee to reduce stale but active contracts down to zero? 

Transaction volume should be good for Bitshares, also this should be very fast and easy to implement.  Bitshares is a good choice the smart contract because it bakes in : TITAN privacy with the option to go public (either side revealing a shared secret), named accounts, and (eventually) value backed bitAssets for price stability.

Phase II: DAC plug-in...

We are aware of BitHalo. It's not a competitor to Bitshares but the smart contract functionality is actually useful and I hope Bitshares toolkit adds that.

[yellowecho]

Yeah I'm almost certain this functionality already exists in the toolkit.. and if it isn't already it could be easily added.  Correct me if I'm wrong but I think this idea *could* be its own DAC in the form of a decentralized escrow service.

[jamesc]

I just discovered BlackHalo's smart contract video.  It is very simple, bare-bones, and I would even call it intuitively stable.  It seems to fit in with the implementation of a distributed market place.  So, I would like to summarize and get our feedback on doing this with Bitshares.

Here is my understanding:

A seller and buyer both agree to make a deposit on the block chain.  Additionally, the buyer will include any extra amount, if any, to cover the purchase at the same time.  Now, when both sides sign, these digital assets are secured on the block chain.  Now, both sides must either accept or cancel.  The reasoning here is that the seller will probably be shipping or sending the goods.

CANCEL: A cancel will return all shares to the original parties.  Both parties must accept by signing. 

ACCEPT: An accept returns the deposits but the buyer pays the sellers from their depot plus any extra they would have reserved to cover the entire purchase price.  Both parties must accept.

MODIFY: A modified version of the contract that will (once accepted) cancel the original and adjust deposits and the buyer's purchase reserve accordingly.

BlackHalo's Demo: http://blackhalo.info/#section-our-team

If I'm thinking correctly, this can't really be its own DAC unless the smart contract can be enforced in the primary block-chain.  Otherwise, users could circumvent the rules by bypassing the DAC's rules and going right to the toolkit.  This is so basic though, I think it may fit in the toolkit.  Can it do this already?

What about applying the annual 5% inactivity fee to reduce stale but active contracts down to zero? 

Transaction volume should be good for Bitshares, also this should be very fast and easy to implement.  Bitshares is a good choice the smart contract because it bakes in : TITAN privacy with the option to go public (either side revealing a shared secret), named accounts, and (eventually) value backed bitAssets for price stability.

Phase II: DAC plug-in...