Blockchains, dApps, and Smart Contracts—A Critical Review

Summary:
Blog post by Dave Peck and the PSL team. Some issues they discuss: Very few categories of data belong on-chain … Today’s smart contract programming models are deeply flawed … Smart contracts can’t reference the “real-world”. They can only reference the blockchain itself. This is known as the “oracle problem” and it makes blockchains a necessarily closed system. This may sound like a trivial problem, but it is actually profound. For instance, it forces smart contract developers to jump through hoops to build “price oracles” when they want their on-chain code to reference real-world asset prices. Companies like Chainlink act as oracles, Smart contracts can’t be upgraded … Smart contracts require complex distributed systems to run, effectively, forever. Distributed consensus technology

Topics:
Dirk Niepelt considers the following as important: Blockchain, Chainlink, Coin, dApp, Decentralization, Notes, Price oracle, Smart contract, Token

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