European kill switch
Smart contracts must have a shutdown switch
78 / 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.
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’;”
Invite to the episode: Makis, Sander, Raido, Estonia crypto chamber (co-sponsor?), BitBoy
Photo: many fingers on a button
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;
“(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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Episode 78 reviews the Data Act and the European kill switch that will be required for smart contracts.
https://youtu.be/stPEVi5qivw
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.
