Ethereum co-founder Vitalik Buterin recently took to Twitter discussing about ‘crypto law’. Vitalik, at that time, said that she regretted adopting the term ‘smart contracts’ – a term considered synonymous with Ethereum.
Vitalik’s tweet was in response to the account CleanApp, discussing the concept of “CryptoLaw”. In the Twitter thread, they mentioned about what they think of governance structures, and how smart contracts are having to deal with real life implications.
Vitalik tweeted, “To be clear, at this point I quite regret adopting the term ‘smart contracts.’ I should have called them something more boring and technical, perhaps something like “persistent scripts.” According to CleanApp, cryptocurrencies “should have stayed a-legal.” They wrote, “We’ve been clear since the start: *crypto* should’ve left “law out of it” & stayed a-legal.”
Meanwhile, Vlad Zamfir, Ethereum associate, stated, “I like ‘stored procedure’” Zamfir added, “But I for one don’t regret the terminology, it has been a great learning opportunity for everyone.”
The term ‘smart contracts’ was coined in 1994 by an American computer scientist and Bitcoin pioneer, Nick Szabo who invented a virtual currency known as “Bit Gold” in 1998, a decade before the invention of Bitcoin. The term, however, has now become popular on par with blockchain and is likely to persist.
Vitatik Buterin also tweeted, “I do think that persistent scripts controlling assets compete with the legal system on some margins, but so do locks on doors. So IMO it’s wrong to equate them with a specific philosophy of law privatization.”
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