Tuesday, November 17, 2020

A contract language might look like

 FooProtocol DEFINITIONS ::= BEGIN

    FooQuestion ::= SEQUENCE {
        trackingNumber INTEGER,
        question       IA5String
    }

    FooAnswer ::= SEQUENCE {
        questionNumber INTEGER,
        answer         BOOLEAN
    }

END
This defines ledger entries, in a way, and later they engage in a question/answer that is really buy and sell. This is the definition language for some large telecommunications body.  But we see that all legal contracts are like these protocols.

This language is also easily derived from standard legal contracts, written in much the same way. Each complete stable exchange in a contract executes some Taproot like advance on a Tapchain compliant ledger, all parties can see the contract takes a safe advance because the path signatures have verified and decoded the path taken.

The timeout or count limit is open to any party to decode. So all contracts resolve, there is a bound on congestion.

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