…ually trust. “Offer safety” is just one of many of the essential safety properties inherent in Zoe. Like previous safety properties such as concurrency safety and type safety, these properties don’t eliminate all bugs, but they do take a big chunk of bugs off the table.
One of the key things about contracts is that they aren’t one-sided things: It’s what am I going to do? What are you going to do? And often what is some other party going to do? Smart contracts are code, where the behavior of the program enforces the terms of the contract. When we engage with contracts and in commerce, we don’t just send money or other assets, we have an expectation or requirement of what outcome we expect or require.
So far, so good. Except one last problem: if fees are just getting burned, then miners have no incentive to actually include transactions! Thus, the last component of this design is that each transaction has a small “tip” that users add to their transactions to incentivize miners. There will still be some room for a small amount of first-price bidding among tips, but the range o…
Nanoeconomics is not a new idea. In their Agoric papers published in 1988, Mark Miller and K. Eric Drexler developed the idea of a computational system as a space for economic exchange. The development of object-oriented programming has created software agents, which vie for scarce resources in the machine. But right now, these agents are governed through planning, not markets. Miller and Drexler suggested an alternative: a market-based computation system. In this system:
The mistake is in asking “How can we prevent attacks?” when we should be asking “How can we limit the damage that can be done when an attack succeeds?”. The former assumes infallibility; the latter recognizes that building systems is a human process.