Fwd: Open-Transactions: New videos: "Two-Way Trade" Smart Contract...

---------- Forwarded message ----------
From: f3llowtraveler <f3llowtraveler@gmail.com>
Date: 25 July 2012 19:28
Subject: Open-Transactions: New videos: "Two-Way Trade" Smart Contract...
To: agile-banking@googlegroups.com


It's your favorite open-source developer, Fellow Traveler, back with
THREE NEW VIDEOS, just posted today!

http://open-transactions-tv.github.com/


This time the subject is SMART CONTRACTS, and I encourage you to read
the article as well:
https://github.com/FellowTraveler/Open-Transactions/wiki/Smart-contracts


--------------------------------------------

"Smart Contracts" are custom-scriptable agreements that multiple parties
can sign and then activate on an OT server. Using a simple script
language, you (or your lawyer) can design your own agreements and then
OT will bring your scripted clauses to life!

--------------------------------------------

Demo:     TWO-WAY TRADE   (3 videos)

For my first demo, I've chosen "two-way trade" because it seems like the
simplest possible example.

Basically, Alice and Bob want to trade some "gold" for "bitcoins" (any
two asset types.) Neither one of them wants to "go first" and risk
sending their half of the money--they prefer to be GUARANTEED that the
other party will reciprocate, before paying.

Therefore, the "two-way trade" smart contract insures that it has safely
obtained all the money from BOTH parties, before switching ownership
over to the new recipients!

---------------------------------------------

Coming soon: "Escrow" smart contract.

This version introduces a 3rd party arbiter (Judge Judy), for cases
where Alice is paying Bob for some PHYSICAL ITEM that he's sent  her in
the snail-mail.
In the event of any dispute, it's up to Judy to adjudicate and make a
final decision!

-FT

P.S. Your donations go to help fund the test GUI development.
BTC:  1NtTPVVjDsUfDWybS4BwvHpG2pdS9RnYyQ
(Then you can have smart contracts in the GUI instead of command-line only.)

P.P.S. As I said before, I have a special announcement coming up soon,
so keep your eyes peeled!

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