Parity Back to Drawing Board as Community Rejects Rescue Plan
- Parity thanks community for negative feedback, $250 million+ remains locked.
Last month, over half a million ether tokens were frozen due to a software malfunction triggered by a user.
The issue was connected with the new multi-signature wallets of a start-up called Parity Technologies. The firm quickly updated users and stopped access to the wallets after an important piece of code was "accidentally" wiped by a user named devops199.
Discover credible partners and premium clients in China's leading event!
The locked tockens equate to hundreds of millions of dollars at today's prices. Nothing was stolen, but the funds cannot be accessed.
The situation is ongoing, as is discussion as to a solution.
Parity stated on its blog last week: "No one should be under any illusion that unlocking these stuck funds would be anything other than a rescue operation - and would only be possible with a hard Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th ."
However, hard forks are contentious. Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, has already spawned another currency - Ethereum Classic - because some of the community didn't agree with a past hard fork, which was also the result of lost funds (in that case $50 million in ether was stolen in a hack).
It now seems that this fork not going to happen - at least from Parity's end - as the firm has not been able to persuade the community to comply with a system upgrade, according to a report from CoinDesk. Parity spokesman Afri Schoedon said: "...one point is that Parity doesn’t want to follow up on the proposals, because we see the feedback was clear and loud." He further stated to CoinDesk: "We are not putting any more effort in improving these proposals."
We want to thank the community for their feedback on our last post. Your views have been taken into consideration and we will be reviewing further options and will keep you updated! #Ethereum #Blockchain
— Parity Technologies - We're Hiring! (@ParityTech) December 15, 2017
Positively-toned tweet notwithstanding, Ethereum users have been critical of Parity and its proposed solutions, and Ethereum contracts have been described as "ticking time bombs" by the vice president of the NEM Foundation.
Last month, over half a million ether tokens were frozen due to a software malfunction triggered by a user.
The issue was connected with the new multi-signature wallets of a start-up called Parity Technologies. The firm quickly updated users and stopped access to the wallets after an important piece of code was "accidentally" wiped by a user named devops199.
Discover credible partners and premium clients in China's leading event!
The locked tockens equate to hundreds of millions of dollars at today's prices. Nothing was stolen, but the funds cannot be accessed.
The situation is ongoing, as is discussion as to a solution.
Parity stated on its blog last week: "No one should be under any illusion that unlocking these stuck funds would be anything other than a rescue operation - and would only be possible with a hard Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th ."
However, hard forks are contentious. Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, has already spawned another currency - Ethereum Classic - because some of the community didn't agree with a past hard fork, which was also the result of lost funds (in that case $50 million in ether was stolen in a hack).
It now seems that this fork not going to happen - at least from Parity's end - as the firm has not been able to persuade the community to comply with a system upgrade, according to a report from CoinDesk. Parity spokesman Afri Schoedon said: "...one point is that Parity doesn’t want to follow up on the proposals, because we see the feedback was clear and loud." He further stated to CoinDesk: "We are not putting any more effort in improving these proposals."
We want to thank the community for their feedback on our last post. Your views have been taken into consideration and we will be reviewing further options and will keep you updated! #Ethereum #Blockchain
— Parity Technologies - We're Hiring! (@ParityTech) December 15, 2017
Positively-toned tweet notwithstanding, Ethereum users have been critical of Parity and its proposed solutions, and Ethereum contracts have been described as "ticking time bombs" by the vice president of the NEM Foundation.