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EIP 999: Ethereum [ETH] Improvement Proposal to unfreeze $260 million

Joel Mathew

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EIP 999: Ethereum [ETH] Improvement Proposal to unfreeze $260 million
Source: flickr

In November 2017, Parity Technologies, an Ethereum blockchain development company compromised on a multi-sig wallet by two bugs. The codes had two separate functionalities, the first one was created for “instant delete” and the second was to “provide ownership”. The performance of the code was tested by Devopps99, a newbie in the ETH community.

The aftermath of the testing phase was that the bug froze all wallets that were operating under the Parity Library Contract. This resulted in the blocking of 580 wallets HODLing 513,000 ETH. The Ethereum Improvement Proposal [EIP] 999 intends to solve the issue by patching a contract source code which shall authorize individuals’ affected wallets and can get their money back. There is a poll being held to decide if the EIP 999 should be activated or not?

Approximately $150 million worth ETH was stored in the wallet earlier, which is now increased to $260 million. Ethereum community has struck down the efforts of recovering frozen funds before, hence this time it is reliant on the polls which will end on 24th April.

Votes as per April 23rd

Votes as per April 23rd

Stan Marshall, a Reddit user worded in a response to the EIP 999 says:



“If they were truly active developers who have a personal stake in the system, then I’m sure they wouldn’t want Ethereum to undergo the repercussions of another fork.”

Randy, a potential Ethereum user suggests on Reddit saying:

“This EIP is beneficial to everyone who had funds locked in the multisig lib bug and everyone who might benefit from the products and services built by the first group and who doesn’t want to punish a human error with irrevocable loss of funds.”

A cryptocurrency enthusiast commented on Reddit:

“If I lose all my savings that are in cash under my bed – because I made a silly mistake or because someone stole it from me – should the state or the people in my road, or anyone, provide a way for me to recover those funds? If so, it might mean that I could be as careless as I liked because I would always get my money back. So would everyone else. Careful people would in effect be subsidizing the careless. The value of the currency would fall. You can see the problem here. It’s called moral hazard. If there are no painful consequences for my mistakes, then I (and everyone else) will continue to make mistakes. Confidence in the system is undermined.”





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Joel Mathew is a full-time creative content writer for AMB Crypto. He's an English honors graduate from Christ University. He's skilled in research analyses and produces valuable content in the field of blockchain and cryptocurrency.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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