Entering the world of smart contracts

A great deal of people were certainly disappointed as they tried to purchase into the market just to get their orders for missing the sale window.

I haven’t nailed down this for sure, but I guess that each of the successful purchases in the market sale was programmatically implemented through clever contracts, as opposed to by hand. The wholesale was tied to milestones in the Ethereum blockchain, which makes this possible. In the BAT sale website :

“The purchase of BAT will start in the time that mining begins on Ethereum block 3,798,640 and continue until the time that 156,250 Ether has been obtained or mining commences on Ethereum block 3,963,480, whichever is sooner.

I honestly don’t understand the mechanisms of Ethereum well enough to truly diagnose this, but my guess is that there were plenty of purchase contracts which were triggered to execute along side block 3,798,640.

I don’t feel that we’re very prepared for what a world driven by”smart contracts” will feel like — in spite of the fact that we’ve experienced high frequency trading for decades, smart contracts which auto-execute on blockchains will bring really quick transaction implementation to lots more areas of life.

I am not certain that there is anything wrong with that, just pointing out that it is likely to feel quite different than what we’re used to today.

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