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     3 years ago  

    Lol hmmm let me try again, so it's not like your traditional smart contact, that you can view on ethereum or binance smart chain.

    Discrete log contracts are private, so lets say you and I want to make a friendly bet on I don't know anything who wins the world cup. We can set up a DLC and place our Bitcoin in a multi-sig wallet.

    • I have 1 key
    • you have 1 key
    • 3rd key sits with an oracle provider

    the transaction needs 2 people to sign it for the funds to be released. So let's say you the winner, the oracle provider will pull in data from 1 source or several, let's say we said we want 5 sources to confirm the same result or the best 4 out of 5 to confirm the same result. So the result is confirmed in your favour, the oracle signs the 1 key correct, then you or I sign the other key and funds are released.

    So that's once way to use it like prediction markets, a futures contract for example, we could have done the same thing just based on the price of BTC in the future and pay out if one of us is correct. It's also a way to hedge depending on if you're long or short BTC

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     3 years ago  

    Ah, okay. That makes a lot of sense. Seems like it has some really good checks and balances built into it as well. Thanks for taking the time to clear it up for me!

    Posted Using LeoFinance Beta

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       3 years ago  

      Have a !BEER you've earned it mate

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         3 years ago  

        View or trade BEER.


        Hey @bozz, here is a little bit of BEER from @chekohler for you. Enjoy it!

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