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B7970E0D-C905-4701-800A-727DB8ECB44E |
European kill switch |
Smart contracts must have a shutdown switch |
Episode 78 reviews the Data Act and the European kill switch that will be required for smart contracts. It discusses whether the calculator app is a smart contract itself, based on the regulation interpretation. The potential illegality of Bitcoin and Ethereum mining unless they have backdoors is also explored. |
2023-05-30 18:00:00 -0400 |
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78 |
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20785817 |
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1014 |
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- European Data Act (see Article 30, "termination"), though most clearly written for IoT devices
- Definition of an ‘electronic ledger’ (ctrl+F “(53)”) "tamper proof electronic record of data, providing authenticity and integrity of the data it contains, accuracy of their date and time, and of their chronological ordering’;"
- Calculator app is a "smart contract"
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Invite to the episode: Makis, Sander, Raido, Estonia crypto chamber (co-sponsor?), BitBoy
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Photo: many fingers on a button
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Workshop: How to implement the European kill switch (required for smart contracts) // part 1 of 3, who can press the button
- Draft status
- Focused on internet of things
- GDPR defined who is the owner of data and who is the processor of data
- This is kind of a next step in GDPR
- Requirement:
- safe termination and interruption: ensure that a mechanism exists to terminate the continued execution of transactions: the smart contract shall include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions;
- If you get published in the Official Journal of the European Union, the requirements are “presumed” to be followed
- According to the definition of a “smart contract”, a calculator (or any program on a computer) counts.
- Is the blockchain itself a "smart contract"? and that makes them all illegal?
- Recommendation: recursive Gnosis safes
- https://digital-strategy.ec.europa.eu/en/policies/data-act
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Invite: https://twitter.com/ProfSchrepel/status/1635556417930252288
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European Data Act (see Article 30, "termination")
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Definition of an ‘electronic ledger’ (ctrl+F “(53)”)
- "(53) ‘electronic ledger’ means a tamper proof electronic record of data, providing authenticity and integrity of the data it contains, accuracy of their date and time, and of their chronological ordering’;"
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Tweet: share to EUCI
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Episode 78 reviews the Data Act and the European kill switch that will be required for smart contracts.
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It looks like even the calculator app is a smart contract depending on how you read the regulation.
Bitcoin and Ethereum mining also appear to be illegal unless they have backdoors.