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Ethereum’s [ETH] first address grosses 500 million USD by mistake

Santhosh M

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Ethereum's [ETH] first address grosses 500 million USD by mistake
Source: Pixabay

Genesis Account is the first block to be mined when a new cryptocurrency is introduced. They are considered to be the foundation stone for the currency if that particular currency flourishes. This characteristic relates well to a spiritual symbol associated with the Genesis block.

We have seen many cases where Bitcoin users pay their reverent respect to Satoshi by transferring a small amount to Bitcoin’s Genesis block. In what is considered to be the biggest user blunder is the Genesis block of Ethereum which received 500 million USD due to user error.

Chris Bridget, a cryptocurrency enthusiast says:

“Most of the ‘value’ at that address is from burned tokens. Also, who in God’s name fat fingers 0, then another 40 times?”

The fact that Genesis block address of Ethereum is fancy enough to be remembered easily. It is just 0X followed by forty zeroes. As it is easy to remember, people either enter the address by mistake or they forget to enter an address at all, which means the transaction will be enabled to the default account.

The amount that is being transferred to the Genesis account shall not be refunded. There has been a lot of talks going on the social platform like Reddit.com where a community of people has asked the same question. There have been instances of entire savings of a user getting transferred to Ethereum’s default account.

A Reddit user answers to the victim’s Reddit question:

“you’ve got more of a chance of selling a snowball to an eskimo than you do of selling this contract, unfortunately. You can very easily recover the account after you sell it, which makes it so no one but a sucker will buy it. Good luck finding that sucker.”

The stats show that more than 700 transactions have been sent to Ethereum’s Genesis Account which includes 7000 ETH and about 200 ERC tokens amounting to 6 million USD and 517 million USD respectively. One cannot come to a conclusion that these many coins have been transferred by mistake.



Alexandro, another Reddit user says:

“Tltr: Selling Genesis mining account with 7.7th btc contract for around $700, fed up with company.”

The amount that is being held by Ethereum’s Account is estimated to be around 33,000 Aeternity, 750,000 Golems, 9.5 million Bytom and many more. The Genesis account absorbs tokens on regular basis imparting anguish on the user’s mistake. As the number of the Genesis Account of Ethereum is trivial, it is virtually impossible for it to generate a private key.





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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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Ethereum

Ethereum Classic [ETC] might boost security value of Ethereum, claims ETC’s Donald McIntyre

Biraajmaan Tamuly

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Ethereum [ETH] can be benefit Ethereum Classic as ETC might boost the security value of ETH, claims Donald McIntyre
Source: Pixabay

Ethereum [ETH] is one of the most proficient cryptos in the space and its wider adoption has become one of the most speculated and debated topics in the cryptosphere. Recently, Ethereum [ETH] welcomed a major partnership with Ernst and Young, which could signal the release of its new-zero proof technology on the Ethereum blockchain.

Despite such major developments, one of the major issues Ethereum and other major cryptocurrencies have faced is the addition of security value to their asset.

A prominent Ethereum Classic [ETC] proponent believes that the ETC network can assist the main Ethereum blockchain in improving its security.

Donald McIntyre, the manager of ETCDEV, an organization focused on the development of Ethereum, recently stated that the divergent functions of ETH and ETC could improve the relevance of Ethereum Classic.

McIntyre drew a comparison between ETH and ETC, terming the respective digital assets as a “sports car” and an “armored vehicle”. He drew this comparison to explain that ETH was fundamentally about scaling and performance, while ETC emphasized on high value and security.

He suggested that ETH was heading towards the identification of a network which would provide high speed and high transactions layers to meet high-performance applications, whereas ETC was based on decentralized computing and smart contracts between people and companies.

He added,



“In that analogy, ETC could even provide security services to high performance networks such as ETH. I think it would be a big advantage for both ecosystems [ETH and ETC] to analyze that possibility as it would likely minimize, in the context of a standards war, which means that only few networks will survive in the future.”

He further piled on the “unique characteristics” of ETC, stating that after ETH’s transformation to ETH 2.0, ETC would be the only non-fragmented, fixed monetary policy, PoW, and Turing-based blockchain.

He said,

“That is an extremely valuable niche in the industry that will be increasingly appreciated in the next few years as the layer 1 [L1] vs layer [L2] and security vs performance segmentations become more evident for market participants.”





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