So, the EU Parliament just greenlit a Data Act that includes this debated clause about a kill switch for smart contracts. According to what I’ve seen, they voted 481 to 31 in favor of it, so it’s pretty much a done deal. But now it’s gotta get the official thumbs up from the European Council, which has all the heads of state from the 27 member countries.
Right now, many smart contracts already have these kill switch functions built in. Once this law is in place, we're probably gonna see a lot of projects acting like centralized exchanges. Don’t forget, there’s also that KYC hook issue on Uniswap that’s been brought up.
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:
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.
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.
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 coins algorithm. If Ethereum worked on the old algorithm, then companies would have to migrate to new smart contracts if they contradict European legislation.
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.
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.
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.