No Hard Fork To Recover 500,000 Ether / Central Banks Buy BTC In 2018? / Buy Cars In Japan With BTC
So just a quick back story to get everyone on the same page. <br /> <br />Parity technologies created a multi signature Ethereum wallet based on some code that the Ethereum foundation wrote and the community checked. <br /> <br />Parity made some further developments to it in their own version which turned out to have some bugs and security flaws. <br /> <br />As the story goes some ‘amateaur’ programmer managed to accidentally run a kill function that caused the smart contract to delete some of its own code. <br /> <br />Some of the code that was deleted was the feature that allows Ether to be withdrawn from these multi signature wallets. <br /> <br />Several ICOs including Iconomi now collectively have 500,000 Ether in these multi signature wallets with no way to withdraw or move the funds. <br /> <br />At today’s price of approx $800 that’s $400m. <br /> <br />The update today is that unlike when Ethereum hard forked to restore the funds stolen from The DAO, this time the Ethereum community has rejected the idea of doing a hard fork to forcibly re-insert the deleted withdrawal code and store the functionality to the multi sig wallet. <br /> <br />One of the most appealing features about a blockchain is it’s immutability, once data is saved it’s permanent and you can trust it 100%. <br /> <br />When Ethereum hard forked and basically re-wrote history to fix The DAO issue, it caused so much controversy that it gave birth to Ethereum Classic, which maintains the original version of history unchanged. <br /> <br />The bottom line is that this 500,000 Ether is still locked inside this smart contract with no way to get it out. <br /> <br />I’m glad that the Ethereum community has decided not to hard fork this time, however with Ethereum averaging 1m transactions per day now, it’s almost impossible to change history again. <br /> <br />There’s too much activity on the network now. <br />What do you think? How would you suggest they fix this? Is Parity Technologies even obligated to fix this? Let me know in the comments.