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Ethereum Community Turning Against Fund Recovery Proposal Following Senior Developer’s Resignation

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  • David Dinkins
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    The resignation of a key Ethereum developer has called greater attention, most of it negative, to a proposal to enable recovery of stolen funds on the Ethereum Blockchain.

Ethereum Community Turning Against Fund Recovery Proposal Following Senior Developer’s Resignation
Cover image via u.today

The Ethereum community, for now, appears to be overwhelmingly rejecting a proposal to allow the recovery of hacked funds. Ethereum Improvement Proposal (EIP) 867 proposes a mechanism to do “state changes” on the Ethereum network, which is essentially a method of altering past transaction history. EIP 867 is being championed by an ICO, Musiconomi, which lost over 16,000 Ether in the Parity wallet hack last year.

What’s an EIP?

An Ethereum Improvement Proposal is an idea to improve some aspect of the Ethereum network or software. EIP-1 outlines the process for acceptance of an EIP. First, somebody must come up with an idea for an improvement to Ethereum, present the idea to the community and find a champion. The champion will create a formal EIP which complies with the formatting guidelines set out in EIP-1. The proposed EIP will be submitted using a pull request on GitHub.

Once the community has had a chance to comment on the proposal, the EIP Editor can either accept, reject or defer the proposed EIP. If accepted, the implementation code must be written and once that’s done, if it still seems like a good idea, the code will be merged into Ethereum.

Not the right way?

Ethereum’s senior developers have been reluctant to get behind the idea of EIP 867 without significantly more input from the community. One of them, Vlad Zamfir, said:


These proposals, especially proposals that do set important precedents, that impact the relation of the community and the platform, I think need to be subject to a public debate that I'm not actually sure the EIP process is designed to handle.

Ethereum’s community manager Hudson Jameson believes the EIP should be debated on social media to give time for a consensus to emerge. Another developer is calling for a video debate between advocates of the proposal and its detractors.

Key resignation

Last week, one of the six developers with the rights to merge code into Ethereum, resigned in opposition to EIP 867. Yoichi Hirai, who has contributed more than 5,000 code changes to Ethereum in the last year, resigned following his rejection of EIP 867. Hirai rejected the EIP as being “at odds with the Ethereum philosophy.”

Upon further consideration, Hirai came to the conclusion that EIP 867 would violate a Japanese law called “Unauthorized Creation of Electromagnetic Records.” Hirai wrote on GitHub:

Reading legislation and performing something is already beyond my capacities. I didn't realize that the EIP editorship requires this ability. Now I suspect it does, and that's not what I can offer. Some EIP editors look nonchalant about legal consequences of this draft, but I have warned them, and I have no capacities to do anything more than warn them...I resign from the post of an EIP editor.

Community outrage

Following Hirai’s resignation, the tide in Ethereum’s community seems to have turned against EIP 867. Users have submitted dozens of comments in the last 24 hours, most of which vehemently decry the rollback proposal as being antithetical to Ethereum’s philosophy.

One user writes:

100% opposed to this EIP it's very damaging to the future of Ethereum.

Another commented:

I can't believe this is even getting considered. This is a complete disgrace to the Ethereum community, and Blockchain as a whole.

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About the author

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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