Ethereum Developers in a debate concerning Fund Recovery Proposal

in #cryptocurrency6 years ago

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Some Ethereum developers are coming up with plans on enhancing the network and security systems of the coin. One of such being the Ethereum improvement proposal(EIP 867).
The aim of this debate is to take possible measures/best steps on improving the network for a possibility of stolen funds to be returned to its actual owners. In recent times, crypto currencies have faced issues like hacking from dangerous hackers extracting money from different wallets, fraud and other crypto pitfalls. With the fund recovery proposal, Ethereum wallets will be safe from notorious hacking, stolen funds being receovered to their owners enhancing safety and tighter security of the wallets. We all know, one of the pressing issues/problems of cryptocurrency is the hacking aspect where investors lose tons of money. The past few weeks, an exchange site was hacked with $500million dollars missing which affected the investors and caused panic/fear from potential investors. The idea of improving the network and enhancement of stolen funds to be recovered to owners will be a huge step for crypto currencies especially Ethereum which will be the steppingstone and a roadmap for all other coins to take such measures.
On February 9, 2018, Ethereum developers held a meeting which is usually a routine bi weekly meeting for the developers. Some programmers endorsed the controversial Ethereum improvement proposal(EIP 867), which provides a certain standard format for recovery of certain classes of lost funds.
However, the proposal carried out also attracted a lot of criticism as some other senior developers like Yoichi Hirai do not support making changes to the Ethereum protocol stating just because some investors Ether was stolen by hackers due to ignorance on the part of the owner.
Yoichi Hirai further said he is not going to contribute to such changes saying that “His personal beliefs are, each user of Ethereum is responsible for the safety of his/her wallet and if others pay for a user’s stolen wallet or mistake, it should come voluntarily as a donation. He added that his vision was originally a deterministic virtual machine that doesn’t change its protocol frequently”. Some other developers of Ethereum shared their perspective, agreement and disagreement if such changes should take place.
As it’s stands, further action cannot be taken until an agreement is reached with a developer coming up with the best possible proposal. The changes of the Ethereum code should be clarified and written in EIP-1, the best proposal is what will be agreed on.

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Hope ETH can make good on the investor hack and get the some of it back to them.

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