vpirato on Nostr: ### Non-Technical Explanation of NIP-79 NIP-79 is a proposal that seeks to introduce ...
### Non-Technical Explanation of NIP-79
NIP-79 is a proposal that seeks to introduce a standardized way of handling digital contracts, covenants, and agreements within the Nostr protocol. In simple terms, this protocol acts as a digital platform that allows parties involved in a contract to interact in a more secure and verifiable manner. Here is a detailed explanation of each section:
1. Types of Documents:
- Contract: A legally binding agreement between two or more parties.
- Covenant: A written promise or restriction within a contract or agreement.
- Agreement: A mutual understanding between parties regarding their relative rights and responsibilities.
2. Format: The documents will be in Markdown format, allowing for structured and human-readable presentation.
3. Metadata: Specific metadata fields can be added to the event, such as the title of the contract, the parties involved, the signing date, the expiration date, etc.
4. Timestamping with OpenTimestamps: Once signed, OpenTimestamps can be used to create a cryptographic proof of the contract's existence at a specific moment, stored on the Bitcoin blockchain.
5. References and Linking: Documents can reference other events in Nostr, such as annexes, terms and conditions, or other relevant documents.
6. New 'kind' Definitions: New definitions are introduced to categorize different stages and elements of the contractual process.
### Usage Example:
Imagine that two companies, Company A and Company B, decide to enter into a collaboration contract. Here is how they might use this protocol:
1. Contract Creation: Company A creates a draft of the contract on the platform, detailing the terms and conditions of their collaboration with Company B.
2. Review and Signature: Company B reviews the contract, and once they are satisfied with the terms, both parties digitally sign the contract on the platform.
3. Signature Witnesses: Witnesses can be designated to verify the authenticity of the signatures involved, adding an additional layer of verification to the signing process.
4. Contract Execution: Once all parties have signed, the contract is officially activated on the platform, marking the beginning of the collaboration.
5. Verification and Security: At any time, the parties can verify the authenticity and integrity of the contract on the platform, ensuring that the agreed terms remain intact and secure.
This protocol, therefore, facilitates a more secure, transparent, and efficient contractual process, which could be of great value in the legal world.
CC NostReport (npub19md…6vzk)
NIP-79 is a proposal that seeks to introduce a standardized way of handling digital contracts, covenants, and agreements within the Nostr protocol. In simple terms, this protocol acts as a digital platform that allows parties involved in a contract to interact in a more secure and verifiable manner. Here is a detailed explanation of each section:
1. Types of Documents:
- Contract: A legally binding agreement between two or more parties.
- Covenant: A written promise or restriction within a contract or agreement.
- Agreement: A mutual understanding between parties regarding their relative rights and responsibilities.
2. Format: The documents will be in Markdown format, allowing for structured and human-readable presentation.
3. Metadata: Specific metadata fields can be added to the event, such as the title of the contract, the parties involved, the signing date, the expiration date, etc.
4. Timestamping with OpenTimestamps: Once signed, OpenTimestamps can be used to create a cryptographic proof of the contract's existence at a specific moment, stored on the Bitcoin blockchain.
5. References and Linking: Documents can reference other events in Nostr, such as annexes, terms and conditions, or other relevant documents.
6. New 'kind' Definitions: New definitions are introduced to categorize different stages and elements of the contractual process.
### Usage Example:
Imagine that two companies, Company A and Company B, decide to enter into a collaboration contract. Here is how they might use this protocol:
1. Contract Creation: Company A creates a draft of the contract on the platform, detailing the terms and conditions of their collaboration with Company B.
2. Review and Signature: Company B reviews the contract, and once they are satisfied with the terms, both parties digitally sign the contract on the platform.
3. Signature Witnesses: Witnesses can be designated to verify the authenticity of the signatures involved, adding an additional layer of verification to the signing process.
4. Contract Execution: Once all parties have signed, the contract is officially activated on the platform, marking the beginning of the collaboration.
5. Verification and Security: At any time, the parties can verify the authenticity and integrity of the contract on the platform, ensuring that the agreed terms remain intact and secure.
This protocol, therefore, facilitates a more secure, transparent, and efficient contractual process, which could be of great value in the legal world.
CC NostReport (npub19md…6vzk)