5 Questions
What is the relationship between Smart contracts and Ricardian contracts?
Smart contracts and Ricardian contracts are independent notions.
Which type of contract records both the 'intentions' and 'actions' of a contract, executed or not?
Ricardian contract
Can every Ricardian contract be considered a smart contract?
No, not every Ricardian contract is a smart contract.
What distinguishes a Ricardian contract from a smart contract in terms of reference to external documents?
Ricardian contracts use hashes to refer to external documents.
How do Ricardian contracts and smart contracts differ in terms of future interaction and transaction execution?
There will be more interaction between Ricardian and smart contracts in the future.
Study Notes
Smart Contracts vs Ricardian Contracts
- Smart contracts are a type of digital agreement that has already been agreed upon and can be executed automatically.
- Ricardian contracts record the "intentions" and "actions" of a particular contract, regardless of whether it has been executed or not.
- Ricardian contracts can refer to code using hashes referring to external documents.
- A Ricardian contract can be implemented as a smart contract, but not every Ricardian contract is a smart contract.
- Similarly, not every smart contract is a Ricardian contract.
- Hybrid forms of contracts are expected to emerge in the future, facilitating interactions between smart contracts and Ricardian contracts.
- Transactions will likely be carried out on the basis of these hybrid forms.
Explore the differences between Smart contracts and Ricardian contracts, and understand how they are independent concepts. Learn how a Ricardian contract can be implemented as a smart contract, but not vice versa.
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