Polygon Labs refers to Article 30 in an open letter to the EU

Polygon Labs, a global software development company, has written to the members of the European Parliament, the Council of the European Union, and the European Commission to call their attention to Article 30. An open letter was used to carry this out. This was done in order to get more information about the overall intent and scope of Article 30 of the Data Act. 

According to them, research should focus on smart contract techniques and the effects of mandating safe contract termination in the context of permissionless systems. They recommend that the scope of Article 30 be narrowed as part of the modifications to ensure that it only applies to permissioned smart contracts. Polygon Labs is taking this step to ensure that work is effectively done on permissionless Blockchain-based system growth and development.

For this purpose, Polygon Labs has made certain suggestions for rectifying Article 30. They draw attention to the clause in the preamble to Article 30, which mentions the party offering smart contracts in the context of an agreement to make data available. In their opinion, there needs to be a more specific definition of the party offering as well as an agreement to make data available. 

They feel that a lot of smart contracts do not have parties offering them and therefore do not come under the requirements in Article 30. Also, regarding the need for smart contract systems to be able to be terminated, it will not be suitable as a lot of smart contracts make data available.

Along with some other suggestions regarding the amendments required for Article 30, Polygon Labs, on its own part, clarifies that they intend to ensure that the innovation process continues to be in tandem with the rules and regulations formulated by the EU in connection with blockchain-based software. They also put out a feeler that, for the benefit of all, the amendments are carried out before the enactment of the Data Act. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button