Quote from: cryptog1 on May 09, 2015, 11:34:50 PM

Quote from: JordanLee on May 09, 2015, 07:05:55 PM

My understanding of the essence of smart contracts is that their terms, execution and outcome are automated using a blockchain. Using this definition orders placed and filled on B&C Exchange are certainly smart contracts.

Tks a lot for this clarification. This is exactly the answer I was expecting. More generally, I do think that "smart contracts" are rather a buzz word that just expresses in a fancy way some scripts that are executed in a trustless way within the blockchain so in this sense Nu has smart contracts and b&c would certainly too.

This is a bit that I don't fully understand: If you can execute contracts or scripts on the blockchain trustlessly, then why don't you get these trustless scripts to do the signing, instead of choosing 15 people to trust?

The people just turn on some software and then go away, and we trust them not to modify the software maliciously. So why not have the code to be executed be the trustless type, like the code that checks the signatures in bitcoin transactions?