smart contracts

[julian1]

repository state can be files, mongodb, amazon s3 etc. in memory.

but we need to be able to hive off a subset/snapshot of state and have those. hmmnn not sure if possible.

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transactional - read/write in isolation. and the result is commit or rollback.

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use a digest comparison - like angular view projection on the resources.

• need to use

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instead of genesis allocation we would have genesis contract.

shouldn't be account not user. since user may have multiple accounts. or even 'party'.

/account/genesis

/home/genesis/k

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structure, like a rest resource (sk (smart contract) then uses rest-like verbs to manipulate.

urls like url values are json, verbs are get,post,update

/home/name/k /home/name/public-keys /home/account/keys/ecdsa... /home/name/k/asset/x /home/name/feed /home/name/k/asset/asks /home/name/k/asset/bids

or

/feed/name/feed ? /k/name/instance/version

/time/seconds - run every second... /time/minutes/10 /time/hours /time/now or /time/immediately <- if not already included?

actually we need an alias like llinux /home that can be used

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• side chain - can move bitcoin with dpos speed, anonymyzing, bitcoin bonds.

http://szabo.best.vwh.net/contractlanguage.html http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.14.7885 http://lambda-the-ultimate.org/node/3922

• the problem with trying to close out the position in the absence of margin is that there may not be a counterparty to offload to.
• Why not have the contract counter-party specify how much margin they require? Which is then enforced by blockchain. for a cfd eg. 30% of current price, after which it's void? contract is three-way between counterparties and a blockchain
  • this is ok, for k to exchang for difference. but not for creating an asset. because we don't want a created asset to be recinded when it's been transferred to someone else.
• ok, hang on default, or an inability to meet a margin call - is an observable, that just changes the payout matrix.
• spj in video, discusses operational semantics - where someone owns a slate of contracts, over-time and can throw evaluation engine at it to get current valuation.
• a transfer of funds between accounts - is a funny, in that it is only authorized by the sender. how would this be represented. whereas an order book - is a single party.
• problem with bitcoin is that it has value, but it cannot be lent out to be converted into productive capital. with corresponding yield paid. issue of float management, and trying to move into short term bearing assets.
• network effects to capture interest/ adoption - need to be capitalized by bitcoin as the current best recognized crypto currency. and characterized as bitcoin sidechain.
• not obvious that spj k can model default.
• an offer (in an orderbook) is a two way k, but with only one party named. an agreement names both parties. { parties: a, b; contract: k }.
• bitcoin = currency, bts, nubits = exchange, final step is locking value into the chain.
• a contracts language that is composible, explicit / and readable.
• the biggest issue is capitalization, margin, and that it's not possible to close a k that.
• How is a future that exceeds margin closed, and what is the effect on the counter-party?
• there needs to be a contract for contract processing. eg. ether.
• need to be web as the os/platform/interface. ie javascript. 'take the code to the data - eg. greg young approach'
• bts issues, - should fund a SR, open bazar, or integration into exchange. bitcoin was driven by austrian idealists (grew with bank bailouts of 2008/2009) and SR.

[julian1]

There are so many advantages to a DSL over a imperative simulation that it's hard to know where to start. With a DSL, contract descriptions could be stored in a repository. Contracts could be searched for in that repository in semantically interesting ways. Contracts could have analyses run on them that were unknown at the time of contract creation. Analyses and reports could be run over groups of contracts ("Show me our counterparty risk against Lehman for the Dec CDOs.") Repositories of contracts could be published to regulatory agencies, allowing systemic risks to actually be analyzed in real-time ("How bad off are we if Lehman goes down?").

Requiring an imperative implementation results in a bunch of useful one-off tools, at best. Requiring a declarative specification results in an ecosystem.

[julian1]

The combinators represent a sufficient model of a sufficient variety of financial instruments to have wide applicability.

The combinators have the property that, given the execution model of their environment (Haskell, in this case), they are guaranteed to terminate.