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.