As used in this chapter: (1) "Agent" means a person who is authorized to act on behalf of an owner with respect to a digital asset. (2) "Control" means: (a) an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or (b) a secured party has created a smart contract that gives the secured party exclusive legal authority to conduct a transaction relating to a digital security. (3) (a) "Digital asset" means a representation of economic, proprietary, or access rights that is stored in a computer readable format. (b) "Digital asset" includes: (i) a digital user asset; or (ii) a digital security. (4) "Digital security" means a digital asset that constitutes a security, as that term is defined in Section 70A-8-101. (5) (a) "Digital user asset" means a digital asset that is used or bought primarily for consumptive, personal, or household purposes. (b) "Digital user asset" includes an open blockchain token. (c) "Digital user asset" does not include a digital security. (6) "Multi-signature arrangement" means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the digital asset, in which two or more private keys are required to conduct a transaction. (7) "Private key" means a unique element of cryptographic data that is: (a) held by a person; (b) paired with a public key; and (c) used to digitally sign a transaction. (8) "Public key" means a unique element of cryptographic data that: (a) is publicly available; (b) is paired with a private key that is held by the owner of the public key; and (c) allows viewing, but not digitally signing, electronic transactions. (9) "Smart contract" means a transaction that is comprised of code, script, or programming language that executes the terms of an agreement, and which may include taking custody of and transferring a digital asset, or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.
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