diff --git a/README.md b/README.md index eac674d..6d3781f 100644 --- a/README.md +++ b/README.md @@ -14,7 +14,9 @@ The SCoDA embodies a “qualified code deference” (QDC) approach to smart cont * QDC does not provide that the results of operating code are binding in absolutely all cases. -Rather, QDC contemplates that the SCoDA is designed to be a legally binding contract whereby the parties agree that, EXCEPT in certain narrow circumstances, they will DEFER to (i.e., refrain from disputing in a legal proceeding) the results of operation of a smart contract. While a detailed explanation of the motivations for, and pros and cons of, the QDC approach is pending, a cursory explanation of the approach can be found here: https://twitter.com/lex_node/status/1028727470210437120 and here: https://twitter.com/lex_node/status/1019819161298456577 +Rather, QDC contemplates that the SCoDA is designed to be a legally binding contract whereby the parties agree that, EXCEPT in certain narrow circumstances, they will DEFER to (i.e., refrain from disputing in a legal proceeding) the results of operation of a smart contract. While a detailed explanation of the motivations for, and pros and cons of, the QDC approach is pending, a cursory explanation of the approach can be found here: +https://twitter.com/lex_node/status/1028727470210437120 +and here: https://twitter.com/lex_node/status/1019819161298456577 The exceptional circumstances under which the parties are not required to defer to the smart contract are captured under the concept of a “Material Adverse Exception Event.” These circumstances are basically the blockchain equivalent of ‘force majeure’ events—e.g., a 51% attack that causes a double-spend somehow affecting the smart contract. Although, under such a narrow definition, Material Adverse Exception Events should be incredibly rare, the SCoDA provides a standstill provision and a set of negotiation and arbitration procedures designed to drive the parties toward a resolution of how to handle one if it occurs. Of course, parties in the wild may opt for an even narrower version, or a broader version, of “Material Adverse Exception Event,” depending on their particular preferences. @@ -53,7 +55,9 @@ If you are an attorney, software developer, or both, your comments would be welc Gabriel Shapiro is a U.S.-based corporate law attorney at the firm DLx Law. More about him/by him may be found at the below links: https://about.me/gabriel_shapiro/edit + https://www.linkedin.com/in/gabriel-shapiro-29616651/ + https://twitter.com/lex_node