The Problem
Your son or daughter wants a new e-bike or something rather expensive. As a parent, you don’t want to spoil your kids with costly gifts they may or may not use.
But kids persist and will keep begging, persuading you to buy them that gift.
So you make a deal with your kid that if they get straight A’s, you will buy them an e-bike.
From the kid’s perspective - you get straight A’s, and your parents still don’t buy you that e-bike. They say the e-bike is too dangerous, which they may have a point, but they did break their word.
And the parents will say that we didn’t have a formal contract and we're just joking or saying it so you would concentrate on your grades.
The parents and kids could have made a contract, but who will enforce that? The parents can just disregard the agreement.
The Solution
That is where the smart contract could solve this problem.
A smart contract is code that runs on the blockchain - a decentralized, lightweight database where entries into that database can’t be edited or deleted.
A developer or a no-code program can be used to create a smart contract.
So how would this work?
Running the smart contract:
I see smart contracts having a lot of value for little things like motivating your kids to get good grades.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.