EU Parliament Approves Data Act With Smart-Contract Kill Switch Provision

[zasad@]

https://www.coindesk.com/policy/2023/11/09/eu-parliament-approves-data-act-with-smart-contract-kill-switch-provision/
"The final version of the bill's text, reviewed by CoinDesk in July, revealed that it contained a smart-contract kill switch clause.

Members of the European Parliament voted Thursday to approve a Data Act containing a controversial clause that could make most smart contracts unlawful.
The act, which establishes rules on the sharing of data, received 481 votes in favor and 31 votes against, according to a press release. The legislation now needs formal approval from the European Council, a body comprising the 27 member nations' heads of state."

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Nowadays, most smart contracts have blocking and kill switch functions, and after official adoption, most projects will be no different from centralized exchanges. And we also know about KYC hook for Uniswap
https://bitcointalk.org/index.php?topic=5268409.msg63015298#msg63015298

[1715157829]

1715157829

[Poker Player]

I am not very knowledgeable about smart contracts, what does not surprise me is how the EU keeps putting up barriers to innovation. Companies like Google or Amazon could never have been created in the EU.

Could there be interests of other shitcoins behind this? As I read:

Organizations linked to blockchains like Stellar, Polygon, NEAR and Cardano expressed their concerns in an open letter at the time.

[hugeblack]

All of these smart contracts have a central point, as they are hosted in a central service, and therefore it is easy for them to send a letter to these central authorities, and since tokens are locked in these smart contracts, I expect that some decentralized exchanges will comply with the KYC option, which is ironic.

Could there be interests of other shitcoins behind this? As I read:

Organizations linked to blockchains like Stellar, Polygon, NEAR and Cardano expressed their concerns in an open letter at the time.

Some of these blockchains work on the principle of proof of stake, which means that there is a certain number of validators who can reverse the transaction and do whatever they want, and a judicial order can easily be directed to these validators.

[philipma1957]

And to beat a dead horse over and over and over again.

P.O.S. = piece of shit.

Mr. V still owes me two Eth coins from his reversal move done back in 2016 or 2017.


I would truly like to see a stake put into all poof of stake coins.

Sorry for the rant but I am liking the action taken by the E.U. as it shows the farce that P.O.S. truly is and will always be.

Just go buy a government bond and don't do P.O.S.

[zasad@]

And to beat a dead horse over and over and over again.

P.O.S. = piece of shit.

Mr. V still owes me two Eth coins from his reversal move done back in 2016 or 2017.


I would truly like to see a stake put into all poof of stake coins.

Sorry for the rant but I am liking the action taken by the E.U. as it shows the farce that P.O.S. truly is and will always be.

Just go buy a government bond and don't do P.O.S.

So there are no problems with the coin’s algorithm. If Ethereum worked on the old algorithm, then companies would have to migrate to new smart contracts if they contradict European legislation.

Some of these blockchains work on the principle of proof of stake, which means that there is a certain number of validators who can reverse the transaction and do whatever they want, and a judicial order can easily be directed to these validators.

This is very rough work. If validators interfere with consensus, they will destroy the ecosystem and the price of their assets.
Therefore, the regulator acts more delicately, and soon all large projects will have white lists and KYC.

[hugeblack]

And to beat a dead horse over and over and over again.

P.O.S. = piece of shit.

Mr. V still owes me two Eth coins from his reversal move done back in 2016 or 2017.

ETH is better than BSC and many altcoins, BSC has a fully centralized network of 21 validators and can return hacked coins. However, some people prefer to sell Bitcoin and buy WBTC on BSC.

This is very rough work. If validators interfere with consensus, they will destroy the ecosystem and the price of their assets.
Therefore, the regulator acts more delicately, and soon all large projects will have white lists and KYC.

It will be a compromise for these people because they will not enter into conflict with the government or against legal legislation, but what is the wisdom in claiming that the investment is decentralized when you ask users for KYC, as long as the user submits his statement, CEXs are better than DEXs.

[zasad@]

This is very rough work. If validators interfere with consensus, they will destroy the ecosystem and the price of their assets.
Therefore, the regulator acts more delicately, and soon all large projects will have white lists and KYC.

It will be a compromise for these people because they will not enter into conflict with the government or against legal legislation, but what is the wisdom in claiming that the investment is decentralized when you ask users for KYC, as long as the user submits his statement, CEXs are better than DEXs.

Even if Uniswap introduces a mandatory KYC procedure, then you will be able to manage your coins yourself and no one will be able to block them if you trade the Ethereum-DAI pair and other tokens where there are no blocking in smart contracts.
Another option is to hire a person who will go through the KYC procedure for money.