> (2) executing legal contracts in an atomic way is harder than updating databases in an atomic way. Believe me on this.
I believe you, but Ethereum doesn't help you for the legal part, it can only help you with the database part, so it's still unclear why you're using it if you're talking about some legal atomicity, whatever that means.
> The NFT purchase triggers a set of legal contracts to be executed, and identifies the buyer. Without the legals the NFT does nothing. But with the legals alone you're looking at months of legal paperwork to transfer a property, rather than a single purchase on a site like OpenSea.
If the NFT purchase only "triggers" these legal contracts, what prevents you from triggering it anywhere else?
I don't understand how "triggering" these legal contracts the traditional way requires months of paperwork but "triggering" from an NFT wouldn't.
The SPV can, in theory, commit fraud and transfer ownership of the asset out from under the SPV owner.
If it does that, the directors are in Deep Shit.
The transactional architecture is basically: paperwork is prepared as a set of legal warranties. NFT purchase also pays for all of those warranties giving a very strong set of legal protections to the NFT purchaser.
The key is simultaneous execution of all the contracts as a single atomic transaction without any chance of mis execution or somebody changing their mind half way through.
Think of it as a vending machine for legal obligations. Automated obligation.
Smart contract.
Everything is a Turing machine in the end. Everything can be done on paper. All that really changes is defect rate and transaction cost.
I believe you, but Ethereum doesn't help you for the legal part, it can only help you with the database part, so it's still unclear why you're using it if you're talking about some legal atomicity, whatever that means.
> The NFT purchase triggers a set of legal contracts to be executed, and identifies the buyer. Without the legals the NFT does nothing. But with the legals alone you're looking at months of legal paperwork to transfer a property, rather than a single purchase on a site like OpenSea.
If the NFT purchase only "triggers" these legal contracts, what prevents you from triggering it anywhere else?
I don't understand how "triggering" these legal contracts the traditional way requires months of paperwork but "triggering" from an NFT wouldn't.