Agoric + Protocol Labs // Higher Order Smart Contracts across Chains by Mark S. Miller
Channel: Agoric
Date: 2019-06-25

Property rights started simple. Real world agreements (contracts and institutions) evolved to facilitate their trade. Many agreements became generic --- independent of the particulars of the rights they manipulate. Participation in such an agreement is valuable. By reifying such participation as a tradable right, markets reuse the power of generic agreements, producing a deep composition of networks of rights and agreements.

We explain how ERTP, the Electronic Rights Transfer Protocol, supports such rich composition for electronic rights (erights) and smart contracts. Generic smart contracts --- escrow, derivatives, auctions, etc --- are independent of the kinds of erights they manipulate. We reify the ability to participate in each contract as tradable erights that such generic contracts manipulate. We can understand the resulting power as an extension of the higher-order programming of functional and object-oriented programming, but applied to the richer domain of tradable erights. 

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