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RE: Ethereum’s Not-so-Smart Contracts

in #ethereum9 years ago

The problem is centralized trust is masked by puritan idealists. Puritan idealists will say smart contracts are trustless and we should trust the math but if you can't understand what the code is doing because the code is obfuscated then you can only trust the programmers rather than the code.

Turing complete smart contracts by design require ultimate trust in the programmers who write it, the auditors who check it, and the curators who stamp approval. All of the security checks and trust in the core developers failed and if it could fail for The DAO it could fail for future smart contracts of Ethereum itself.

The main thing to do is to restore trust. The community which cannot trust the developers is failed. At the same time maybe we will never be able to trust Turing complete smart contracts running on Ethereum and in that case other projects must be considered.