According to the news publication Quartz, the computer scientist Nick Szabo is working on a new startup and seeking funding. Szabo is best known for his work in cryptography and research papers on smart contracts and digital currency. The cryptographer wrote this detailed explanation of self-executed contracts back in 1997 saying:
“Mature security systems will be undertaking different behavior for different contracts. To continue with our example, if the automobile contract were a lease, the final payment would switch off leasee access; for purchase on credit, it would switch off creditor access. A security system, by successive redesign, increasingly approaches the logic of the contract which governs the rights and obligations covering the object, information, or computation being secured. Qualitatively different contractual terms, as well as technological differences in the property, give rise to the need for different protocols.”
Known as the creator of the phrase and concept of smart contracts Szabo is a respected cryptographer and was even thought to be Satoshi Nakamoto at one time. The publication Quartz has said they have reviewed a pitch deck which says that Szabo is looking for $3 million in
Read more ... source: LiveBitcoinNews
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