So the contract is written in plain text an not even mentions who gets paid what and when.
Is this system a joke? Not a single judge could decide based on this.
Is this system a joke? Not a single judge could decide based on this.
Contractors must login to place a bid on this contract with their public key.
Real contracts on the application have very thorough proposals.
This is just a proof of concept.
It's not an account that "belongs to them", but an account that belongs to multiple people (using multi-sig contracts) so that any single party can't decide to spend it.
The idea being that if you didn't fulfil the contract, you can't take the money and run. If I didn't fulfil the contract, I can't prevent you from taking the money, and if this service goes down, the 2 of us can still decide who gets the money on our own terms without them.
Basically this idea locks away money in an account "owned" by 3 people, and in order to send the money somewhere else, 2 of the 3 need to agree on where it's going.
This is a service that lets you write whatever you want as your "contract". Saying the system is a joke because some people write bad contracts is stupid.