[zaphirplane]

What I don’t get about smart contracts is how the conditions are validated

I have a contract that Brad Pitt wins the Oscar in the next 3 years how is that validated ? Is there some widely accepted source of truth ? Couldn’t the provider be hacked or be tempted to be fraudulent.

I’m assuming the source of truth isn’t the Oscar academy cause web scraping could break easily. Still it’s a lot of faith in human honesty and site security for automatic execution worth millions

[newswasboring]

The keyword you are looking for is Oracle. Oracle blockchains/coins are services which consolidate real world data into the block chain. Of course you then have to trust the oracle chain