Quote from: StandingTall on April 21, 2019, 04:43:19 PM

Quote from: tonych on April 20, 2019, 12:25:38 PM

Obyte version 2.7.0 released, some highlights:

Added ability to create and sign classic (prosaic, not smart) contracts.

It sounds cool but it's not enforceable not only on DAG but in reality too. There's no law that recognizes "real ID verification" on Obyte and digital cryptographic signatures as equivalent to handwritten signature on paper. As long as the law does not change this feature is just a toy with no real world application.

Funny thing: how can anyone be sure that anything signed on Obyte platform (including signatures from real world verified IDs) have been performed by the person that owns the ID? It may well be my girlfriend that took to my laptop when I was in a bathroom and forgot to lock the screen with Obyte wallet left open (password is still optional in Obyte wallet, right? Ooops.) That's the problem with digital signatures. Handwritten signature is oldschool but at least nobody can do it for me.

Otherwise it would have already been implemented in different ways in many industries. But it didn't. Human notaries are fine and will be for a very long time.

Or how about dead people? Who will terminate their verified ID's on Obyte when they die? Nobody? So anyone who has password and a wallet of a dead person can still sign anything as if that person is still alive?

How about lost/stolen/hacked wallets? How anybody can terminate their own verified ID on Obyte when somebody looses password/wallet/ or is hacked etc.? Will Obyte have some kind of customer service 24/7 hotline to terminate compromised IDs?

When you wrote this post, did it cross your mind that maybe you don't know what you are talking about? Are you a lawyer and if you are, in what country?
In your reality, how do you think the laws work? Do you think that there needs to be a law for every single application and every law will tell that signatures from list of apps are now recognized?

And what kind of backward country do you live where only handwritten signatures on paper are legally binding? Most of the world accepts digital signatures already for over 10 years.
In US, it's called ESIGN Act and even Obyte announcement says that prosaic contracts satisfy all 4 requirements of advanced electronic signature under Article 26 of eIDAS in EU. There is no special law needed specially for Obyte. Just ask your lawyer, what are the limitations and under which conditions digital signatures can be used in your country.

Here is another funny thing: have you ever heard of identity theft and forgery? Sure, nobody is going to sue you when you scam somebody for only $50, but do it long enough so the total amount reaches into thousands and law enforcement will start to have interest in you. Handwritten signatures are easier to forge than digital ones.

Apparently, you haven't even used DocuSign, which is been used in many industries.