* A contract (a piece of software) hosted on the network
* This contract is immutable (its code cannot be changed)
* This contract defines rules such as allowing deposits, withdrawals, and trades, and those functions of withdrawing deposits or enacting trades require transactions signed by the depositor
In that scenario, it is a deposit, is controlled (and thus owned, both legally and cryptographically) by the users.
In real life, these contracts are generally mutable, so there is the possibility that users can still get fucked over.
Contracts and law being mutable and open to interpretation by squishy brained humans is a feature not a bug. Yeah too much mutability you get room for corruption and selective enforcement/application, too little you have a contract that might do what it says or it might accidentally empty your bank account with no recourse because a flawed human implemented it and the world is complicated.
* A contract (a piece of software) hosted on the network * This contract is immutable (its code cannot be changed) * This contract defines rules such as allowing deposits, withdrawals, and trades, and those functions of withdrawing deposits or enacting trades require transactions signed by the depositor
In that scenario, it is a deposit, is controlled (and thus owned, both legally and cryptographically) by the users.
In real life, these contracts are generally mutable, so there is the possibility that users can still get fucked over.