First of all, some smart contracts already include some form of a kill switch and many users probably don’t even know it. Still, it’s important to keep a few things in mind. See also: EU Smart Contract Regulations Included in Council's Data Act We have all witnessed cybercriminals zeroing in on points of centralization for hacking purposes, because these points of centralization give them access to more assets in one fell swoop. I also share the concern about safeguarding decentralization, mostly because decentralization is a crucial safeguard of the communities’ assets. What’s the point of protecting consumers with a kill switch if you lose all the value stored in the smart contract? As such, activating a kill switch that in effect destroys the smart contract would essentially wipe out all the value being held, and shouldn’t be used. Many smart contracts can and do store value rather than merely representing ownership of assets located elsewhere. While this kill switch was not used in a smart contract setting, it does shed light on the risks that classic kill switches create for crypto-related businesses and projects.
Some people might remember an incident that occurred in August when decentralized exchange (DEX) OptiFi accidentally activated a kill switch to its mainnet, leading to it permanently being shut down, and losing $661,000 worth of USDC stablecoin tokens.
Others claim that this kill switch provision will lead to inevitable security flaws. Some fear a kill switch mandate would curb the decentralization of smart contracts by giving one person or a group of people the power to shut down operations. While the intention of the regulators was to give people more protection over their own personal information, the act has generated concerns in the Web3 community. Gritty and gripping, this powerful military memoir is an eye-opening account of life on the frontline.Shahar Shamai is the chief technology officer and co-founder of GK8, a crypto self-custody platform.
This is the incredible true story of a brave soldier who survived some of the toughest war zones in the world only to face the nightmare of being wrongfully imprisoned a very long way from home. Thrown into prison and forced to share a cramped, vermin-infested cell with sixteen Afghans, among them members of the Taliban and al-Qaeda, Bill had no idea when, or even if, he would see his family again. But he never expected to find his own life at risk under a corrupt legal system. The married father and grandfather, who had risen through the ranks to become a commander of men and an MBE, had long accepted that each day could be his last. Posted in Afghanistan after two years in Iraq, Bill was responsible for the safety of four hundred men in a full-scale danger zone in one of the most dangerous countries in the world. But Bill’s strength and courage was tested to its absolute limits when he was arrested for a crime he did not commit. From surviving a horrific terrorist attack in Northern Ireland, to the violence of the Gulf War and an assault course of harrowing experiences in Iraq, Bosnia and Columbia, Major Bill Shaw had seen it all.
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