Our for-contract bitcoin dev team already uses 2 of 3 multisig escrow for all bitcoin payments.
Its better than anything else I've ever used cross border. The weekly price volatility is currently lower than the cut any good professional escrow service would take. Furthermore the transaction goes through in an instant.
Once crypto assets which track USD, Euro, Yen, RMB pop up with turing complete scripting build in... man that's going to be a different world.
The crazy thing is that nobody really knows what team/technology will win the race. There several blockchain 2.0 projects out there, all with different technological inovations. Bitcoin itself will almost certainly be eclipsed in a few months/years.
I have a hunch that we'll see Bitshares DPOS consensus algorithm partnered with Ethereum's turing completeness combined in one DAC. Open Transactions will most likely become the equivalent of the web browser to TCPIP.
We're still at the veeery early stages of the blockchain development. Our team is extremely excited to have caught the wave so early and to work with such great startups and people.
please please consider hiring me.. Im at GS this summer and I really want to work in the crypto area when it is so important to me to be working in an area that can actually benefit humanity. Really, I want to help.
People say that it might be possible with a SchellingCoin like approach, I see too many issues with this approach.
I personally believe we'll end up with DPOS [1] based DACs, all with bitUSD/EUR/YEN/RMB/etc with cross-chain trading. Each DAC will have core code specialized for one or two specific tasks (e.g. distributed domain name system, distributed naming system, commons based IP/patent system, lotteries, notary systems, share issuing (most likely in a general Ethereum-like chain), distributed supercomputing and file storage, etc.
Ethereum's turing completeness will likely become standard in all DACs at some point (commoditized).
Open Transactions [2] will facilitate HFT and non=legal but financially binding cross-border contracts.
Its better than anything else I've ever used cross border. The weekly price volatility is currently lower than the cut any good professional escrow service would take. Furthermore the transaction goes through in an instant.
Once crypto assets which track USD, Euro, Yen, RMB pop up with turing complete scripting build in... man that's going to be a different world.