PR: Aigang To Build DAO Insurance For IoT Devices Using Smart Contracts (news.bitcoin.com)

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Aigang Network is building the decentralized insurance blockchain protocol for IoT (Internet-of-Things) devices. Aigang goal is to build the digital insurance, where damage is assessed…

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Bitcoin competitor coin – Am I too dumb or most of the proposed smart contracts use cases are unenforceable?

I´ve heard again and again that bitcoin is "obsolete", "the Myspace of crypto" etc. so I have taken some time to read about one of its competitors.

They talk about smart contracts powering loans, bonds and mortgages. Am I being too naïve or this whole thing looks way overhyped and unenforceable in first place?

So let´s say some government or company raises money through a "smart contract bond". Be it denominated in dollar or any token. The money is obviously taken to be spent somewhere: infrastructure, salaries etc. Suppose the payment comes due and the debtor is broke, or simply traded that money for bitcoins. How will this be executed? Of course the token which was borrowed will not remain still on its adress for the whole time.

Then there are the financial contracts. Both parties would send the token to an address and, depending on a specific outcome (gold price, sex of a celebrity baby, yen price etc), the transaction would have a "winner". In my limited thinking, the decision depends on a reliable "oracle" from outside the "smart blockchain". So how is that too different from using a betting/crypto-financial/CFD website with years of reputation and network effect, marketing strategies, management etc?

This severe limitation in enforcing the smart contracts looks a lot like this South Park scene to me: https://youtu.be/lIA6JK7VPik?t=54

I´ll (try to) post on 3 different subs and read the answers carefully. Not from an IT background and English is not my native language. Thanks in advance.

submitted by /u/duduqa
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