Ethereum Network Votes Against The Implementation of Controversial EIP 999 code
Apr 29, 2018 Posted / 167 Views
The Ethereum network has decided to abolish the EIP 999 code update into the made Ethereum software. The Choice was taken in a vote which resulted in about 60% of the community voting against the update while only 40% voted for the EIP 999 code. Implementing the EIP 999 code on the Ethereum network would have caused a split in the ethereum community following a fork that was revealed on April 24.
The Ethereum network has voted against the implementation of the controversial EIP code in a landslide win for the opposers of the code who garnered 60 percent to the supporters of the code which only made 40 percent. Reports indicate that the implementation of the code would have led to a split in the ethereum community following a fork in the blockchain which was announced on may 24.
EIP 999 code was proposed by the ethereum platform Parity following a wallet bug that undermined the functionality of the Parity’s multi-signature wallet. The activation of the said bug caused havoc to more than 500 users of the platform with their wallets frozen making them unable to access their funds.The bug caused more 513,000 ethers to remain frozen which was valued at about $150 million at the time and is now valued at $260 million at the current price.
Following the results of the polls, CEO’s of the competing software of Ethereum, Geth, and Parity took an opposing stance. The ethereum community was embracing for another possible split within the ethereum network. Shortly afterward parity confirmed that it would not be implementing the EIP 999 update on the ethereum software. This now means that the company has to get a way of compensating its users who lost their funds following the last year's wallet bug incidence.
Warring Sides ways their ideas.
Parity the main supporter of the EIP 999 code revealed that it has no intentions to split the ethereum chain saying it would rather work with the community. The company’s CEO Jutta Steiner revealed that all the competing teams in the EIP 999 saga had dedicated a great deal of time and effort to develop the ethereum ecosystem and there should be no intentions of harming what has already been built.
Some critics, however, say the people who lost the money worth more than $260 million to the bug would have been taken under consideration arguing that the whole attempt of splitting Ethereum could have been a move by Parity to avoid the implementation of EIP 999 which would return people their lost money.
Another cryptocurrency user, Kal El, the Zac commented on the event saying.
“there are millions of people making up the ethereum community. The bug that led to more than $260 million worth of ethereum to be frozen could have been activated intentionally to free user funds. Parity needs to be responsible for refunding for all the losses its users suffered if they want to maintain user trust on the platform”
What is EIP 999 Code
The EIP 999 code is a proposal designed to restore the code of the wallet library 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4 with a patched version that couldn’t be claimed or killed. The Code was proposed by a user called Afri Schoedon around April 4. According to the publisher, the code would help restore the inaccessible self-destructed amount of ethers.
The code publisher claims that the proposal is necessary because Ethereum protocol does not allow the restoration of self-destructed contracts and there would be no other way of letting the affected users and companies regain access to their frozen funds. Afri Schoedon revealed in the code documentation that,
“In opposite to previously discussed proposals, this will not change any EVM semantics and tries to achieve the goal of unfreezing the funds by a single state transition.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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