ࡱ> 3{RTflnprt v x z | ~rtvxz|~R  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz|}~Root Entryb.@p >aodPerfectOffice_MAIN&Ȗ1PerfectOffice_OBJECTS,`4aod`4aodSummaryInformation(  !"Oh+'Oh+'0t  student <RC:\Program Files\WordPerfect Office 11\Masters\Color\default.mstn! student30<C:\Program Files\WordPerfect Office 11\Programs\Prwin11.exe3+ Original Slide Show>  !"#$%&'()*+,-./0123456789:;<=Times New Roman(3wLrwwt(+wTimes New WPCȖ1 ~ m{[agҦ9?PVr(|"XXXX'3XXXX3' >>&:#]  (P%)!'{/49/<J/BIFZMoMORyRy SSZ)]bc#f[FnsTDyZgBLՒ-_`+Xoǭo6\YW ?:(6DH UB@e*WPC ##2  I  .3  SmartContracts....2  1  .3  NicholasJ.Szabo,TheGeorgeWashingtonUniversityLawSchoolhttp://szabo.best.vwh.net/nszabo@law.gwu.edu##2  I  .3  OverviewofTalk..2  A  .3  HistoricalImportanceofTransaction-EnablingTechnology......2  a  .3  Technologyworkingalongsideagreementsandlegalrulestofacilitatetransactions....2  1  .3  Proto-money....2  1  .3  Tamper-Evidence....2  1  .3  ClocksandWorkSchedules..2  A  .3  SmartContracts......2  a  .3  Increasingly,contractuallogicitselfwillbeembeddedintechnology....2  1  .3  Security......2  a  .3  Mappingbetweencontractualtermsandsecurityprotocols......2  a  .3  Self-enforcingvs.evidencegathering......2  a  .3  Privacyandintegrityformultipartyprotocols....2  1  .3  TransactionCosts......2  a  .3  Especiallymentaltransactioncosts......2  a  .3  ValueMeasurement/Preferences(whatsitworthtome?)......2  a  .3  AutomatedNegotiations,ContractLanguage#LK#2  I  .3  StyleofTalk..2  A  .3  Highlevelviewofalotofterritory..2  A  .3  Goalistogiveatasteoftheimportanceandpossibilitiesofsmartcontracts..2  A  .3  Mostlyaboutthepastandthefuture:....2  1  .3  Historical,or....2  1  .3  Attheideaordevelopmentstage' '2  I  .3  Proto-Money..2  A  .3  OstrichEggshellBeads,40,000B.P...2  A  .3  MammothIvoryBeads,30,000B.P.....2  1  .3  c.2man*hoursperbead̀(gh(2  I  .3  Proto-Money!Functions..2  A  .3  StoreandTransferWealth....2  1  .3  TransactionCosts......2  a  .3  Avoidneedfordouble-coincidenceofprovisionofanddesireforaspecificgoodorservice......2  a  .3  Avoidlarge-scalefavor-tracking........2(  1  )3  Credit/ReciprocalAltruism....2  1  .3  Trade......2  a  .3  Territory!HuntingandGatheringRights(StarvationInsurance)......2  a  .3  Tools......2  a  .3  SurplusFood....2  1  .3  Marriage....2  1  .3  Inheritance(kinaltruismbeyondthegrave)....2  1  .3  TributeandLegaldamages(ij(2  I  .3  Proto-Money!Security..2  A  .3  SecureStorage....2  1  .3  Onperson....2  1  .3  Burial..2  A  .3  UnforgeableCostliness....2  1  .3  Mammothivorybeadsc.2man-hoursper..2  A  .3  Eggshellslowerassaycosts..2  A  .3  Papermoney!justrelyonbrandandcurrencymarkets' '2  I  .3  Proto-Money..2  A  .3  Shekels!coilandringmetal,c.4,000B.C.....2  1  .3  Toassay:(1)weigh,(2)cutatrandompoints..2  A  .3  Coins(brandedmetal),c.500B.C.# #2  I  .3  InventionofClocks..2  A  .3  Hourglassinvented....2  1  .3  sometimebetween1275-1300,NorthernItaly..2  A  .3  Mechanicalclockinvented....2  1  .3  sometimebetween1275-1300,NorthernItaly'U '2  I  .3  ..2  A  .3  Thetwotechnologiesareverydifferent..2  A  .3  Sowhydidtheinventionsappearatthesametimeandplaceinhistory?"V "2  I  .3  ..2  A  .3  Alreadyby13thcentury,extensiveuseoftowerbellsinW.Europetocoordinateurbanschedules....2  1  .3  Warningsignals....2  1  .3  Churchschedules....2  1  .3  Workschedules,"   ,2  I  .3  RegularHours......2  a  .3  Ԁ....2  1  .3  O, \AZ"Arial RegularOSundial!UnequalHoursO, \AZ"Arial RegularOxxx..2  A  .3  O, \AZ"Arial RegularOmatins--terce--------sext------nones----vespersO, \AZ"Arial RegularO@@@....2  1  .3  O, \AZ"Arial RegularOHourglassandMechanicalClock!EqualHoursO, \AZ"Arial RegularOxxx..2  A  .3  O, \AZ"Arial RegularO---6---7---8---9--10--11--12---1---2---3---4---5O, \AZ"Arial RegularO@@@-#  -2  I  .3  Schedules!ALevelofIndirection....2  1  .3  Issue!MentalTransactionCosts..2  A  .3  O, \AZ"Arial RegularOxxxHowtoschedulethetownBaker,Butcher,Shoemaker,Candlemaker,etc.?..2  A  .3  O, \AZ"Arial RegularOxxxEventbellsO, \AZ"Arial RegularO@@@....2  1  .3  O, \AZ"Arial RegularOGuildrule= CMsstartworkwhenCMbellrings....2  1  .3  O, \AZ"Arial RegularOBellringer(s)havedetailedschedules....2  1  .3  O, \AZ"Arial RegularO`--Ba-Bu--Sh-CM--lunch----Ba--Sh,CM--Bu--....2  1  .3  O, \AZ"Arial RegularOComplexityofscheduleconstrainedbybellringerknowledgeand bellspaceO, \AZ"Arial RegularOxxx......2  a  .3  Another bellspace!recognizingthesoundofyourcellphone......2  a  .3  cf.namespace(kml(2  I  .3  Schedules!ALevelofIndirection....2  1  .3  Issue!MentalTransactionCosts..2  A  .3  Eventbells....2  1  .3  Guildrule= CMsstartworkwhenCMbellrings....2  1  .3  Bellringer(s)havedetailedschedules....2  1  .3  `--Ba-Bu--Sh-CM--lunch----Ba--Sh,CM--Bu--..2  A  .3  Clockbells....2  1  .3  Guildrule= CMsstartworkatXoclock....2  1  .3  `---6---7---8---9--10--11--12---1---2---3---4---5....2  1  .3  Complexityofschedulenolongerconstrainedbyringersknowledgeor bellspace((2  I  .3  HonestTime....2  1  .3  ԀSecurityvs.ScheduleSpoofing..2  A  .3  Levelofindirectionalsomeans:manyschedulesimpacted,increaseschancesofgettingcaught..2  A  .3  Towerbells!broadcast....2  1  .3  Everybodygetsthesametime......2  a  .3  Notsecureonmoderncomputernetworks!..2  A  .3  Often2peopleinclocktowertokeepeachotherhonest..2  A  .3  Incorruptibleheavens....2  1  .3  Clockscanbecheckedmostnightsagainstthestars..2  A  .3  Hourglass....2  1  .3  Possibilityofcatchingevensmalldiscrepencies,"% ,2  I  .3  TamperEvidence....2  1  .3  TamperEvidence..2  A  .3  SealsandSealings....2  1  .3  Tamper-evidenceforstoredortransportedgoods..2  A  .3  Claytokens....2  1  .3  Warehousereceipts....2  1  .3  Billsoflading....2  1  .3  Bearerinstruments' '2  I  .3  TamperEvidence..2  A  .3  Modernexamples....2  1  .3  Evidencebags......2  a  .3  secureevidencetrails......2  a  .3  Police......2  a  .3  Banks&otherfiduciaries....2  1  .3  TSAbagclosures....2  1  .3  Doorseals....2  1  .3  O, \AZ"Arial RegularOSerialnumberhasbeenrecorded.Todefeatsystem,mustbothaccessandforgetheserialnumberlogandreplacewithanewdevicematchingthenewserialnumber....2  1  .3  cf.data! Post-unforgeable!sealedinamber'$# '2  I  .3  TamperEvidence&Caution..2  A  .3  Traditionally,Englishcontractlawtooksealsveryseriously:....2  1  .3  Promisesinwritingandsealedwerealwaysenforced....2  1  .3  Promisesnotsealedhadtomeetadditionalcriteria..2  A  .3  Sealherehastwofunctions....2  1  .3  Security......2  a  .3  Tamper-evidence....2  1  .3  Mentaltransactioncost......2  a  .3  Cautionary#XW#2  I  .3  Caution..2  A  .3  LonFuller(cautionaryprinciple)......2  a  .3  Don'tenforceunlesspartyhasconsideredthecontractcarefullybeforecommittingtoit..2  A  .3  DonaldNorman!affordances....2  1  .3  Dontmakeiteasyforusertocommittoanimportantcontract..2  A  .3  Smartfineprintproblem......2  a  .3  WhiteBoxapproach!fineprintisbad......2  a  .3  BlackBoxapproach!fineprintisOK;customergoesbyreputationofthecounterparty........2(  1  )3  JudgeEasterbrook,ProCD,Inc.v.Zeidenberg(1996)!shrinkwrapsoftware..........2(  a  )3  Byopeningsoftwarepackageandnotreturningittothestore,youagreetothetermswrittenenclosedinsidethepackage...........2(  a  )3  usersdontinspectcomputercode,sowhyshouldtheyinspectlegalcode(contractterms)?" "2  I  .3  LegalCodevs.SoftwareCode,"OP ,2  I  .3  4KindsofContractualRelationships....2  1  .3  CaveatEmptor!buyercanmeasurevalueofgoodstohimex-ante(beforepurchasing)....2  1  .3  Long-TermRelationship!buyercanmeasurevalueofgoodstohimex-post(afterusingit)andcostofrepeatpurchasesislow....2  1  .3  State-enforcedContract!warrantee!buyerandthirdparty(court)canmeasurevalueofgoodsex-postbutcostofrepeatingthepurchaseistoohigh....2  1  .3  FirmIntegration/Employment!noneoftheabovehold,andtransactionbecomesworkofanemployeeundersupervision"Q "2  I  .3  CaveatEmptororLongTermRelationship"T "2  I  .3  CaveatEmptororLong-TermRelationship'RS '2  I  .3  Firm/Employment..2  A  .3  Controlemployeeaccesstocustomercash( 56(2  I  .3  SmartContract..2  A  .3  Aprotocolthathelpsexecutethetermsofacontract..2  A  .3  Challengesofsmartcontracts:....2  1  .3  Security......2  a  .3  Self-enforcement......2  a  .3  Evidence........2(  1  )3  Observationbypartiesinprivity........2(  1  )3  Verificationbyadjudicator....2  1  .3  MentalTransactionCosts......2  a  .3  MeasurementofValue......2  a  .3  ExAnte........2(  1  )3  Negotiations!shouldIagreetothissmartcontract?......2  a  .3  ExPost........2(  1  )3  Determinationofdamagesbyadjudicator(()(2  I  .3  SmartContracts..2  A  .3  Problemsw/stateenforceability....2  1  .3  Economic!Lawsuitscostbig$$$....2  1  .3  Moral!Monetarydamagesarebackedupbythreatofimprisonment......2  a  .3   Contemptofcourt......2  a  .3  Securitythatavoidsthreatsofimprisonmentismorallysuperior,"*+ ,2  I  .3  SmartContracts..2  A  .3  CandyRightsManagement....2  1  .3  Integratedtransaction:takesincoins,distributesgoods....2  1  .3  Actionsdefinedbyastatemachine....2  1  .3  Security......2  a  .3  Mostlyself-enforcing......2  a  .3  Economics:breachcost>amountintill....2  1  .3  Mentaltransactioncosts......2  a  .3  Isitworth$0.75tobuyaSnickers?......2  a  .3  Whichbuttonstopush&coinstoputintobuySnickers?,"! ,2  I  .3  SmartContract....2  1  .3  ԀCandyVending!SpecificationofStateMachine-# 234-2  I  .3  AccountingControls....2  1  .3  PaperpracticescarriedovertoIT..2  A  .3  Dataflow!flowofforms..2  A  .3  Controls!checksandprocedures....2  1  .3  Checksandbalances!separationofdutiesandcross-checking..2  A  .3  Thesetraditionalcontrolsservemanyofthesamefunctionsascryptography!integrity,authorization,confidentiality,andsoon-#,-.-2  I  .3  SmartContracts....2  1  .3  TheAuto-RepoAuto..2  A  .3  Ifwecoulddesigntheperfectautosecuritysystem,whatwoulditbe?....2  1  .3  Firstcut!aperfectlocktoletintheownerandexcludethirdparties......2  a  .3  O, \AZ"Arial RegularOLLLProblem:excludesacontractuallyinterestedparty(creditor)O, \AZ"Arial RegularO....2  1  .3  Aspecialkeytoletinthecreditor(repoman)......2  a  .3  O, \AZ"Arial RegularOLLLProblem:ifperfect,thencreditorshouldnotbeabletogetinifthepaymentshavebeenmade....2  1  .3  Tieintopaymentsystem!creditorkeyswitchedononlyifinarrearsonpayment......2  a  .3  Thefinalpaymentpermanentlyswitchesoffcreditorkey..2  A  .3  Wevesuccessivelyrefinedthesecurityspecificationuntilitisisomorphicwiththecontractualterms-# /01-2  I  .3  SmartContracts....2  1  .3  TheAuto-RepoAuto..2  A  .3  #Smartcontractsas#securityparadigm#!thesecurityprotocolshouldbeisomorphicwiththecontractualterms....2  1  .3  Securityprotocols#enforce#orgather#evidence#ofcontractperformance....2  1  .3  Policyandenforcementcanbebundled..2  A  .3  #Inrealworld,reliabilityandusererrorarealsoimportant#......2  a  .3  E.g.OnStar,creditorcanletyouintocarifyouvebeenlockedout,butcanalwaysgetin......2  a  .3  Dependsonlegalsystemratherthansecuritysystemtoenforcethecontractualproperties(&'(2  I  .3  MultipartyProtocols....2  1  .3  MultipartyProtocols!someapplications......2  a  .3  Auctions......2  a  .3  Exchanges......2  a  .3  ContractIntermediary........2(  1  )3  Mediator........2(  1  )3  Adjudicator(expost)..........2(  a  )3  Judge..........2(  a  )3  Personatcreditcardcompanywhodecideswhetherchargebackislegitimate......2  a  .3  Propertytitlesservice' '2  I  .3  MultipartyProtocols..2  A  .3  O, \AZ"Arial RegularOxxxTrustedThirdParties̀(TTPs)aresecurityholesO, \AZ"Arial RegularO....2  1  .3  Takesverycostlytraditional̀controlstoactuallycreatètrustworthyfiduciarỳorganization: ......2  a  .3  Segregationofduties......2  a  .3  Securebuildingsandrooms......2  a  .3  Surveillance......2  a  .3  Tamper-evidentdevices......2  a  .3  Etc.....2  1  .3  Temptinginsecurityprotocoldesign......2  a  .3  Andthenamiracleoccurs....2  1  .3  # Minimizetrustassumptions #O, \AZ"Arial RegularOxxx#," ,2  I  .3  MultipartyProtocols....2  1  .3  Privacy!MultipartySecureComputation..2  A  .3  Problem--privacylossisnotverifiablyreversible," ,2  I  .3  MultipartyProtocols....2  1  .3  Privacy!MultipartySecureComputation..2  A  .3  Securesprivacy'  '2  I  .3  MultipartyProtocols....2  1  .3  Privacy!MultipartySecureComputation-#uvw-2  I  .3  MultipartyProtocols....2  1  .3  MultipartySecureComputation..2  A  .3  Oftenslow(manynetworkmessages)..2  A  .3  Soweoftenusespecialpurposeprotocols:....2  1  .3  Multipartysigning(takesNoutofMtosignadocumentusingadistributedkey)....2  1  .3  Digitalcashmint....2  1  .3  Secureauctions..2  A  .3  FinancialCryptographyconferences#(z{(2  I  .3  UnforgeableTransactionLogs..2  A  .3  Unforgeableisgoal..2  A  .3  #Post-Unforgeability#!Preventforgingoflogexpost(afterthetransaction)....2  1  .3  DigitalTimestamping !Publicationofchainedhashfunctions....2  1  .3  DigitalSignatures..2  A  .3  #Pre-Unforgeability#!Preventforgingofinputsexante(beforeorduringthetransaction)....2  1  .3  Computation#replicated#:......2  a  .3  Byzantinereplication......2  a  .3  Eachpartyperformsanidenticalfunction....2  1  .3  Computation#separatedintofunctions#......2  a  .3  Segregationofduties/checkintegrityrules......2  a  .3  Eachpartyperformsadifferentfunction......2  a  .3  Eachpartycheckstomakesureothersfollowintegrityrules-#|}~-2  I  .3  MultipartyProtocols....2  1  .3  IntegrityandReliability..2  A  .3  #Replicated#computation#....2  1  .3  O, \AZ"Arial RegularOxxxTheoreticalmodel!Byzantinegenerals....2  1  .3  Reliability!cancompletewithe.g.X/Yworking....2  1  .3  Integrity!cancompletewithe.g.1-X/Yworking-# -2  I  .3  MultipartyProtocols....2  1  .3  IntegrityandReliability..2  A  .3  Computation#dividedintoseparatefunctions#....2  1  .3  Reliability!requiresallnodestobeworking....2  1  .3  Integrity!preventsordetectscertainbreachesifanynodeisworking....2  1  .3  Examples:......2  a  .3  PurchasingandSalescycles:accountingcontrols........2(  1  )3  Separationofduties:sales,warehouse,accounting......2  a  .3  Lifecycleofalaw:........2(  1  )3  Legislative(draft/approve)........2(  1  )3  Executive(endorse/enforce)........2(  1  )3  Judicial(finalsay/interpretation)......2  a  .3  Chaumianmixes(remailers)(xy(2  I  .3  Terminology..2  A  .3  Donttaketerminologytooseriously....2  1  .3  CalledReallyMoreLike....2  1  .3  --------------------------------....2  1  .3  DigitalSignatureSeal....2  1  .3  DigitalCashBearerCertificate'"! '2  I  .3  ԀBearerCertificates&ScarceObjects..2  A  .3  Digitalcash(Chaum,1983)..2  A  .3  Generalization!BearerCertificates....2  1  .3  A.k.a.tickets,tokens,etc.....2  1  .3  Representastandardservice....2  1  .3  Fungible..2  A  .3  ԀAccessControl....2  1  .3  ACLs,capabilities,etc..2  A  .3  Ԁvs.UsageControl....2  1  .3  Scarceobjects....2  1  .3  Agorics(onlinemicromarkets)......2  a  .3  (Milleret.al.1980s)̀O, \AZ"Arial RegularOxxx(qr(2  I  .3  MentalTransactionCosts..2  A  .3  Engineershavetraditionallyfocusedoncomputationaltransactioncosts....2  1  .3  E.g.speedofadigitalsignature..2  A  .3  Mentaltransactioncostsaremoreimportant....2  1  .3  Measuringvalue!evaluatingwhethersomethingisworthittobuy....2  1  .3  Setsafloorongranularityofpaymentspractical......2  a  .3  Szabo, MicropaymentsandMentalTransactionCosts,BerlinInternetEconomicsWorkshop1999..2  A  .3  Alsoaproblemforautomatedmarkets....2  1  .3  Valuationcomesfrompreferences....2  1  .3  Howdocustomerpreferencesgetintothecomputer?....2  1  .3  O, \AZ"Arial RegularOxxx##,"st ,2  I  .3  4KindsofContractualRelationships....2  1  .3  #CaveatEmptor#!buyercanmeasurevalueofgoodstohimex-ante(beforepurchasing)....2  1  .3  #Long-TermRelationship#!buyercanmeasurevalueofgoodstohimex-post(afterusingit)andcostofrepeatpurchasesislow....2  1  .3  #State-enforcedContract#!warrantee!buyerandthirdparty(court)canmeasurevalueofgoodsex-postbutcostofrepeatingthepurchaseistoohigh....2  1  .3  #FirmIntegration/Employment#!noneoftheabovehold,andtransactionbecomesworkofanemployeeundersupervision#' 7 '2  I  .3  MentalTransactionCotss' 8 '2  I  .3  MentalTransactionCosts(IJH(2  I  .3  MentalTransactionCosts....2  1  .3  LimitstoMicropayments..2  A  .3  O, \AZ"Arial RegularOxxx TheMentalAccountingBarriertoMicropayments,1996..2  A  .3  O, \AZ"Arial RegularOxxx MicropaymentsandMentalTransactionCosts,1999(BerlinInternetEconomicsConference)O, \AZ"Arial RegularO@@@..2  A  .3  O, \AZ"Arial RegularOxxxPracticallowerlimittopaymentsizeissetbymentaltransactioncostsunlessshoppingpreferencescanberepresentedinthecomputerO, \AZ"Arial RegularO@@@....2  1  .3  Moregenerally,thisisalimittocontractcomplexity-#YZ[-2  I  .3  MentalTransactionCosts....2  1  .3  PotentialSolutions..2  A  .3  O, \AZ"Arial RegularOxxxGasgaugesO, \AZ"Arial RegularO@@@....2  1  .3  O, \AZ"Arial RegularOLLLUsefulforfungiblecommodities....2  1  .3  O, \AZ"Arial RegularOLLLCaninformationservicesbebundledintofungibleunits?O, \AZ"Arial RegularOxxx..2  A  .3  Markettranslator(MT)....2  1  .3  Automaticallyobtainmarketprices......2  a  .3  O, \AZ"Arial RegularOPrimitiveexample!ATMmachinethatdoesautomaticcurrencytranslation....2  1  .3  Inputpartialpreferencesfromuser....2  1  .3  Translate sourceinto targetcontractusingmarketpricesandpartialpreferences....2  1  .3  Enablesautomatednegotiations-#\]^-2  I  .3  AutomatedNegotiations....2  1  .3  TheMarketTranslator..2  A  .3  Goal....2  1  .3  Preferences......2  a  .3  Simple,or......2  a  .3  Automaticallygeneratedfromotheruserinput....2  1  .3  ArbitrarilysophisticatedcontractsO, \AZ"Arial RegularOxxx#(_`(2  I  .3  AutomatedNegotiations..2  A  .3  Markettranslator!complexexample....2  1  .3  O, \AZ"Arial RegularOAliceandBob....2  1  .3  O, \AZ"Arial RegularOTwokindsofinformationneeded:O, \AZ"Arial RegularOxxx......2  a  .3  #Alicespreferences#partiallyexpressedinherbudget......2  a  .3  #Marketprices#comefromonlinelistings....2  1  .3  O, \AZ"Arial RegularOSourcecontractexpressedinpersonalutilityunits(PAUs)!MTgeneratescandidatesourcecontractsforapproval....2  1  .3  O, \AZ"Arial RegularOMTtranslatesintoatargetcontractwhichissenttoBob....2  1  .3  O, \AZ"Arial RegularOBobsMTtranslatesbacktoasourcecontractexpressedinBobPAUs....2  1  .3  O, \AZ"Arial RegularOAliceandBobuseMTtonegotiateuntiltheyagree,atwhichpointthetargetcontractisexecutedasasmartcontractO, \AZ"Arial RegularOxxx,"ab ,2  I  .3  AutomatedNegotiations....2  1  .3  TheMarketTranslator(no(2  I  .3  FormalContractLanguages..2  A  .3  Toomanyexamplestolist....2  1  .3  Obligations,rights,schedules,composition,etc...2  A  .3  Myownentry!SEAL....2  1  .3  Event-driven....2  1  .3  Statemachine!activeandinactiveclauses....2  1  .3  Basedon reverseengineeringactualcontracts'9C  '2  I  .3  FormalLanguageforAgreementTerms&LegalRules....2  1  .3  Futurescontract':B  '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  OptionContract/Multi-threadedStateMachine'<A  '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  OptionContract/Multi-ThreadedStateMachine';@  '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  Bondcontract/Scheduleofpayments'=D  '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  Insurancecontract(Genoa,late14thcentury)'>? '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  PropertyDeed'EF '2  I  .3  FormalLanguageforAgreementTermsandLegalRules....2  1  .3  ԀVendingMachine,"Gp ,2  I  .3  AutomatedNegotiations....2  1  .3  TheMarketTranslator#NM#2  I  .3  ScarceObjects..2  A  .3  Securitybetweenpartiesinprivity....2  1  .3  AccesscontrolandUsageControl..2  A  .3  Accesscontrol....2  1  .3  ACLsvs.Capabilities....2  1  .3  Elanguage......2  a  .3  Capabilitiesasobjectreferences=>automaticPOLA..2  A  .3  Usagecontrol....2  1  .3  O, \AZ"Arial RegularOScarceobjects....2  1  .3  O, \AZ"Arial RegularOWrapobjectsupinalayerthatrequirespaymentofaticket,andrestrictsholderofthattickettoaspecificnumberofinvocations....2  1  .3  Needaspecial-purposemarkettranslatortoobtainandspendticketsforperformingcomputationsw/minimalinputfromuser....2  1  .3  Dontneedfull-fledgedcontractlanguage(cd(2  I  .3  OverviewofTalk..2  A  .3  HistoricalImportanceofTransaction-EnablingTechnology......2  a  .3  Technologyworkingalongsideagreementsandlegalrulestofacilitatetransactions....2  1  .3  Proto-money....2  1  .3  Tamper-Evidence....2  1  .3  ClocksandWorkSchedules..2  A  .3  SmartContracts......2  a  .3  Increasingly,contractuallogicitselfwillbeembeddedintechnology....2  1  .3  Security......2  a  .3  Mappingbetweencontractualtermsandsecurityprotocol......2  a  .3  Self-enforcingvs.evidencegathering......2  a  .3  Privacyandintegrityofmultipartyprotocols....2  1  .3  MentalTransactionCosts......2  a  .3  ValueMeasurement/Preferences(whatsitworthtome?)......2  a  .3  AutomatedNegotiations,ContractLanguage(ef(2  I  .3  SmartContracts....2  1  .3  NicholasJ.Szabo,TheGeorgeWashingtonUniversityLawSchoolhttp://szabo.best.vwh.net/nszabo@law.gwu.edu N %m=(V+oBx[VBackground Blank TitleBulleted ListTextOrg ChartData ChartCombinationWPCT}-3'XXXXKKKK513Q; ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9WPCXX81%`3'XXXXKKKK5139RWPCXX81%`/3'XXXXKKKK ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9_J"W2.0 2.0 C ` ` , \AZ"Arial Regular +O;YC ` ` , \AZ"Arial Regular +O;YC ` ` , \AZ"Arial Regular +O;YC ` ` , \AZ"Arial Regular +O;YC ` ` , \AZ"Arial Regular +O;YC ` ` , \AZ"Arial Regular +O;Y)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ =2  I  .3  TitleofShow  W.0 %O;3Y /" O, \AZ"Arial RegularO` ` `      O;   @Y  Q Q O, \AZ"Arial RegularO` ` ` TitleofShow%3"Y20>20C xx, \AZ"Arial Regular -#@#C xx, \AZ"Arial Regular -#@#C xx, \AZ"Arial Regular -#@#C xx, \AZ"Arial Regular -#@#C xx, \AZ"Arial Regular -#@#C xx, \AZ"Arial Regular -#@#)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ @2  I  .3  SubtitleofShow  Y20%#3# |/O, \AZ"Arial RegularOxxx     #   @#  Q QO, \AZ"Arial RegularOxxxSubtitleofShowWPC}%XX81%= 0"3'XXXXKKKK ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9_"&u/"Nu/"C @@, \AZ"Arial Regular -@#C xx, \AZ"Arial Regular -@#C , \AZ"Arial Regular -@#C , \AZ"Arial Regular -@#C , \AZ"Arial Regular -@#C , \AZ"Arial Regular -@#9/!!!!!!  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Z9׿aQ 4 @ @ @ @ @ @ f" dddddd$ 2  I  .3  Thisisthefirstitem.Thisistheseconditem.Thisisthethirditem.Thisisthefourthitem.  u;/"%3Y +=:/O, \AZ"Arial RegularO        @YQ QO, \AZ"Arial RegularO@@@Thisisthefirstitem.Thisistheseconditem.Thisisthethirditem.Thisisthefourthitem.%3"2 R1 /#>R2 /#C , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@Y)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ >2  I  .3  TitleofSlide  R1 /#%`L3Y A /#O, \AZ"Arial RegularO     `L   @Y  Q Q O, \AZ"Arial RegularOTitleofSlide%3"=/>/C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ A2  I  .3  SubtitleofSlide  /%#3# 5F/O, \AZ"Arial RegularO     #   @#  Q QO, \AZ"Arial RegularOSubtitleofSlideWPC'XX81%0"3'XXXXKKKK ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9"ߌ0.#CA"Arial Regular #@  @K  2  I  .3  PR7OrgChart@0< Name >< Title >      $    L; L; $ $     $     $ $ $ $  $  $ $ $  $  $ $ $  $  $ $ $  $  $ $ $ $  $  $ $ $  $  $ $ $  $  $ $ $  $  $A                                        ' ߌ0- Ҏ00 ӎ_#_# Ԏ Վ0_# ֎"   ׎_#" _#  ؎)" )  َ_# _#  ڎ ) -.+13L; ێ'z,z," '"  ܎ &&" "  ݎE" E"  ގ  & & -.+13 ߎ "   0" 0  "   0 0     -.+13L; KK" "  { " { "    " "  {   {  ~~**.+13"ώ2 R1 /#>R2 /#C , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@Y)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ >2  I  .3  TitleofSlide  ώR1 /#%`L3Y ΎA /#O, \AZ"Arial RegularO     `L   @Y  Q Q O, \AZ"Arial RegularOTitleofSlide%3"ю=/>/C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ A2  I  .3  SubtitleofSlide  ю/%#3# Ў5F/O, \AZ"Arial RegularO     #   @#  Q QO, \AZ"Arial RegularOSubtitleofSlideWPCBXX81%h0"Λ3'XXXXKKKK ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9 1h0Edh0E#?Y@4@#?Y@4@#?@?cc 9 @M M 9 @M M   22226ffffffֿp= ף(\?TQ ! 19׿3&  ! 13&  ! 1ɒ3&  ! 1 3&   ! 13&  ! 13&  ! 1wO:3&  ! 1p3&  ! 1   ! 1    ! 1    ! 1    ! 1    ! 1   ! 1  ! 1  ! 1  ! 1  ! 1?  ! 1  ! 1  ! 1  ! 1  ! 1  43&>1J; UF`Ql[wfq{#l[C ` ` , \AZ"Arial Regular +3&  1#aQC , \AZ"Arial Regular +3&  1#aQC ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +$$  1C , \AZ"Arial Regular -@  1Z# UFC , \AZ"Arial Regular -@  1C , \AZ"Arial Regular -@  1C ee, \AZ"Arial Regular +   1  C , \AZ"Arial Regular +   1  C , \AZ"Arial Regular +    1 Z9׿l[ C , \AZ"Arial Regular +    1  C , \AZ"Arial Regular +    1   ; // ?Title of ChartSubtitleLegendd f@1st Qtr2nd Qtr3rd Qtr4th QtrNorth# Z2AU@South# 2(-F@East# (@West# - \ 1h0E.'/ @1 M 3M m  hh n  00  oh 0 X)+13 ph\  _0_ qh  0 rh~ 0 sh 0) t$  u  v D' ) wV. f  xf f  y,L L  z L " {+   | a %  = g-*+1k`3 }]= 2 2*]19׿33& ~ = ]= ] 1,3' ]2** 1k`3 =  19׿33& = = 1,3' 1k`3 #= $ $#19׿33& w= #= #w1,3' #$L w1k`3 ,= g- g-,&19׿33& 4(= ,= ,&4(&1,3' ,&g-)4(& $ U | +1@m3 |  G133& U | | U 1 `3' G* GU 1@m3 o| D Do133& | o| o1 `3' oD1@m3 ,"| # #,"C133& | ,"| ,"CC1 `3' ,"C#C1@m3 *| + +*x133& &| *| *x&x1 `3' *x+_'&x $  *>1dIv3    Q  1ɒ33&    1n3'   Q Q 1dIv3     1ɒ33& h   h 1n3'   < h 1dIv3  W! W!> 1ɒ33& $ $1n3'  W!>>$1dIv3 >) * * >)M 1ɒ33& $ >) >)M $M 1n3' >)M * % $M  $  i("1]@3 ` 5[ 5 ` D 1 33&  ` ` D  D 1 `3' ` D 5  D 1]@3 [   1 33&   1 `3'     1]@3 [ 5  1 33& z z 1 `3'  5 O5 z 1]@3 'i([ i("'1 33& 6#''6#1 `3' 'i(" $"6#+13   ).3  ~l O, \AZ"Arial RegularO        @  1stQtr.3 ).3 ~RO, \AZ"Arial RegularO        @  2ndQtr.3 >>).3 ~O, \AZ"Arial RegularO        @  3rdQtr.3 $$).3 I#~&O, \AZ"Arial RegularO        @  4thQtr.3 h.3 t: O, \AZ"Arial RegularO        @  0.3 h\ \ .3 9 t O, \AZ"Arial RegularO        @  20.3 h  .3 96 t\O, \AZ"Arial RegularO        @  40.3 h~~.3 9tO, \AZ"Arial RegularO        @  60.3 h.3 ›9Xt~O, \AZ"Arial RegularO        @  80.3 Ûh.3 ětO, \AZ"Arial RegularO        @  100 ( ͛ 'O.+19׿33& ś  O( O( .+13 ƛmOO, \AZ"Arial RegularO        @North.+133& ǛV VOO .+13 țO, \AZ"Arial RegularO        @South.+1ɒ33& ɛ OO .+13 ʛS5 O, \AZ"Arial RegularO        @East.+1 33& ˛<" <"O#O# .+13 ̛$'O, \AZ"Arial RegularO        @West+'"j2 R1 /#>R2 /#C , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@Y)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ >2  I  .3  TitleofSlide  jR1 /#%`L3Y iA /#O, \AZ"Arial RegularO     `L   @Y  Q Q O, \AZ"Arial RegularOTitleofSlide%3"l=/>/C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ A2  I  .3  SubtitleofSlide  l/%#3# k5F/O, \AZ"Arial RegularO     #   @#  Q QO, \AZ"Arial RegularOSubtitleofSlideWPCWVXX81%{h0"3'XXXXKKKK ? ///333???OOO___fffooof1?O/_??ߟ߿c3f3&f3?LU`l w#'*-/257:=T bjs({3=GQ[s3&?1L; UFaQl[xfp{#',04̳9׿Q.V5b;lAvGLT ` h o rux|(-8DOZfq|3fH uUb#p/:EP\fuɒџزf3uPYcl v  *D_yf(u/5;AG L R X ^!l4zH[ofu    1%MAj^z=.O;`LrVcp̙ܥ$DYނB(#G-)L20P76U<=ZAC_FJdLPiQWmV]r[cw`j|epjwo}tufp{lws}yź3">)L3$U8*`@/lG5wO:V@^EoZn̲9"ΐ2 R1 /#>R2 /#C , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@YC , \AZ"Arial Regular -`L@Y)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ >2  I  .3  TitleofSlide  ΐR1 /#%`L3Y ͐A /#O, \AZ"Arial RegularO     `L   @Y  Q Q O, \AZ"Arial RegularOTitleofSlide%3"А=/>/C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#C , \AZ"Arial Regular -#@#)?  9׿aQ 4 @ @ @ @ @ @ f" dddddd$ A2  I  .3  SubtitleofSlide  А/%#3# ϐ5F/O, \AZ"Arial RegularO     #   @#  Q QO, \AZ"Arial RegularOSubtitleofSlide%3 2eh0E^eh0E#?Y@4@#?Y@4@#?@?cc 9 @M M 9 @M M   22226ffffffֿp= ף(\?TQ ! 19׿3&  ! 13&  ! 1ɒ3&  ! 1 3&   ! 13&  ! 13&  ! 1wO:3&  ! 1p3&  ! 1   ! 1    ! 1    ! 1    ! 1    ! 1   ! 1  ! 1  ! 1  ! 1  ! 1?  ! 1  ! 1  ! 1  ! 1  ! 1  43&>1J; UF`Ql[wfq{#l[C ` ` , \AZ"Arial Regular +3&  1#aQC , \AZ"Arial Regular +3&  1#aQC ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +DD  1C ee, \AZ"Arial Regular +$$  1C , \AZ"Arial Regular +  1Z# UFC , \AZ"Arial Regular +  1C , \AZ"Arial Regular +  1C ee, \AZ"Arial Regular +   1  C , \AZ"Arial Regular +   1  C , \AZ"Arial Regular +    1 Z9׿l[ C , \AZ"Arial Regular +    1  C , \AZ"Arial Regular +    1   ; // ?Title of ChartSubtitleLegendd d@1st Qtr2nd Qtr3rd Qtr4th QtrNorth# Z2AU@South# 2(-F@East# (@West# - \ 2eh0E.'/ @1 M 3M 3! !<<a  4! !00  5<a ! 0 (-a +13 6< !f0f 7<!0 8<O!0 9<!T0T) :!a $  ;%a (  <m)a E, ) =J/i ^ i  >^ i ^  ?.   @ H A-   B  % Oz! .P+1k`3 CX# # #PX#19׿33& Dz! 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X 1]@3 m$ L% L%2 $ 1 33& n# $ $ # 1 `3' o$ L%2 n#2 # 1]@3 p( ) )Z(1 33& q& ( (&1 `3' r()Z)'Z&1]@3 sg, , ,g,1 33& t* g, g,*1 `3' ug,,**+13 w a  .3 xt!: O, \AZ"Arial RegularO        @  1stQtr.3 y#a # .3 z"%: O, \AZ"Arial RegularO        @  2ndQtr.3 {'a ' .3 |%K): O, \AZ"Arial RegularO        @  3rdQtr.3 }K+a K+ .3 ~),: O, \AZ"Arial RegularO        @  4thQtr.3 <a a .3  H O, \AZ"Arial RegularO        @  0.3 <  .3   H O, \AZ"Arial RegularO        @  20.3 <.3  IHoO, \AZ"Arial RegularO        @  40.3 <OO.3  HO, \AZ"Arial RegularO        @  60.3 <.3  H O, \AZ"Arial RegularO        @  80.3 <.3 e7H]O, \AZ"Arial RegularO        @  100 ( n+.+19׿33& nn  .+13 !$O, \AZ"Arial RegularO        @North.+133& &&''.+13 )+O, \AZ"Arial RegularO        @South.+1ɒ33& n nO O .+13 !$O, \AZ"Arial RegularO        @East.+1 33& & &O'O' .+13 )+O, \AZ"Arial RegularO        @West+'"&l4Bl4C @@, \AZ"Arial Regular +#C xx, \AZ"Arial Regular +#C , \AZ"Arial Regular +#C , \AZ"Arial Regular +#C , \AZ"Arial Regular +#C , \AZ"Arial Regular +#9/!!!!!!  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