How trivial would it be to implement a contract feature in which an account holds a specified asset and releases that asset upon receiving a specified UIA?
Lets say there is smart contract account that holds 50,000 BitUSD. I have 500 of the 100,000 the UIA that is linked to the smart contract account. If I send my 500 UIA to the account, the delegate processing the next block would see the account is on a registry of smart contracts and execute the contract instructions by sending me back 250 BitUSD.
This would be a really simple way to encode royalty contracts into the block chain, but I'm not sure if its feasible. I want to use the block chain to distribute royalty payments but I don't want to hold the private keys to the royalty accounts. Any thoughts?
Also what is the advantage of having smart contracts like BitUSD encoded into the block chain as opposed to be created through scripting on the block chain?