As a foreword, yes I am very aware of resources like https://web3isgoinggreat.com You don’t need to spam the comments with the link.
I am not asking about your general opinions on why crypto kittens is a jerk fest for crypto bros. Please cut the automatic generic rant on why cryptocurrencies is the sandbox of brainless dopamine monkeys. I am asking about your sentiment on a specific scenario, that tries to solve a real problem.
This is just an example, for oversimplification.
In a trust-less environment, one person shares some of their cloud space for a fixed amount of time, with another person they don’t know much.
The person asking for the cloud space, promises that they will use it only for X,Y or Z. They both agree to leave all the data in clear text (it is easy to prove whether there has been a breach of trust).
If the person doesn’t respect their engagement, they must be penalized. In this scenario, there is no legal tool to ensure this.
Enters the smart contract. The individual asking for a share of the cloud space, deposits a certain amount of ETH in a smart contract. The smart contract itself ensures that the owner of the cloud space will NEVER have access to the deposit fund.
Both individuals sign the smart contract. After a fixed amount of time, the depositor can retrieve their deposit back.
However, if for somewhat reason the depositor breaks their engagement (and do something outside X,Y, Z), the person sharing their cloud space can refuse the refund of the deposit.
Both individuals must then reach a consensus, or the deposit will stay frozen on the smart contract forever.
In this case, would the use of a smart contract be a reasonable solution to you?
A recent example of this was the Actors Benevolent Fund which locked their board of directors out of being able to control the company because they closed the AGM without electing a new board (this was in the middle of protests surrounding their illegal hostile takeover) - luckily their articles of association was a document written in English law rather than a smart contract, so the charity commission could just ‘fix’ the problem by telling them to ignore the AOA this one time.