Skip to content
  • Home
  • Crypto News
  • Press Releases
  • Cryptocurrency
  • Contact Us

ICO Warz

 Posted in Cryptocurrency

Vitalik Asks: Should Ethereum Transactions Be Reversible? 60% Of ETH Community Says No

 Author: ICO Warz  Published Date: October 27, 2019
  • Vitalik Buterin of Ethereum posted a poll on his Twitter account to his followers.
  • The Ethereum platform will soon be going through a long-term upgrade to resolve issues regarding growth of the network.

Vitalik Buterin, the co-founder of Ethereum, is stirring the pot with cryptocurrency users with a recent poll that he took on Twitter. He asked about the opinions of followers on reversing chain activity, if there was ever a major hack of an exchange or another entity. He remarked, “Suppose a popular smart contract wallet that a large portion of the ETH community users gets hacked. This could be reverted by reverting all chain activity since the hack and doing a DAO-style HF to recover the funds.”

Suppose a popular smart contract wallet that a large portion of the ETH community uses gets hacked. This could be reverted by reverting all chain activity since the hack and doing a DAO-style HF to recover the funds. How much ETH must be at stake for you to support this?

— Vitalik Non-giver of Ether (@VitalikButerin) October 25, 2019

The poll revealed that 61% of the voters stated that intervention is never okay in these situations, leading Buterin to ask how many coins would need to be stolen before followers would be supportive of manually reversing the transaction, but they argued that money shouldn’t even be an issue with the decision to remove the benefits of blockchain in the first place.

Reversing transactions have been done before by the Ethereum developer. One of the most notorious situations involved the Decentralized Autonomous Organization (DAO) hack, back in 2016. At the time, the hacking resulted in $60 million worth of Ether.

Ethereum is presently going through a major change with a long-term upgrade, and any alterations will end up changing the algorithm of the platform. By doing so, the changes will resolve some of the big problems associated with the growth of the network. By August, Buterin had already stated that the blockchain for Ethereum was almost full at this point.

Ethereum remains the largest altcoin, based on its market cap. Still, its performance was rather underwhelming this year, as Bitcoin continues to be at the top spot. Presently, the Ethereum token is priced at $179.35, dropping by 5.24% in the last 24 hours.

Read Original/a>
Author: Krystle M

Related Articles

Is Digital Asset Powerhouse Grayscale Looking to Add LINK, XTZ, FIL, BAT, & MANA Trusts?
BIS to Build Proof of Concept Network for Testing Cross-Border Payments Using CBDC's
Crypto ETP Volume Surges in January as Institutions Flood the Market
Russia’s State-Owned Bank, Sberbank, Files Papers to Launch Blockchain Platform for Stablecoin
Latin America's Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise
OKCoin Exchange to Support Bitcoin’s Lightning Network in Q1 2021
Tagged account, Buterin, Ethereum, followers The, platform, poll, posted, Twitter, Vitalik

Author: ICO Warz

Post navigation

← AT&T Caught Up In Another SIM Swap Hack As Three Crypto Execs Lose $1.8 Million
Binance CEO: Massive “Gains in Stock Markets will Spill Over to Crypto Soon” →

Recent Posts

  • Is Digital Asset Powerhouse Grayscale Looking to Add LINK, XTZ, FIL, BAT, & MANA Trusts?
  • BIS to Build Proof of Concept Network for Testing Cross-Border Payments Using CBDC’s
  • Crypto ETP Volume Surges in January as Institutions Flood the Market
  • Russia’s State-Owned Bank, Sberbank, Files Papers to Launch Blockchain Platform for Stablecoin
  • Latin America’s Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • atlcoin
  • Bitcoin
  • Bitcoin News
  • Blockchain
  • Blockchain News
  • breakingnews
  • Cryponews
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptocurrency exchanges
  • Cryptonews
  • crytocurrency
  • ERC20 tokens
  • Exchanges
  • ICO News
  • News
  • Uncategorized

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019

Copyright © 2021 ICO Warz

Design by ThemesDNA.com