Quoted: \u201cTraditional law is a form of agreement. It is an agreement among people and their leaders as to how people should behave. There are also legal contracts between individuals. These contracts are a form of private law that applies to the participants. Both types of agreement are enforced by a government\u2019s legal system.\u201d<\/p>\n
\u201cEthereum is both a digital currency and a programming language. But it is the combination of these ingredients that make it special. Since most agreements involve the exchange of economic value, or have economic consequences, we can implement whole categories of public and private law using Ethereum. An agreement involving transfer of value can be precisely defined and automatically enforced with the same script.\u201d<\/p>\n
\u201cWhen viewed from the future, today\u2019s current legal system seems downright primitive. We have law libraries \u2014 buildings filled with words that nobody reads and whose meaning is unclear, even to courts who enforce them arbitrarily. Our private contracts amount to vague personal promises and a mere hope they might be honored.<\/p>\n
For the first time, Ethereum offers an alternative. A new kind of law.\u201d<\/p>\n