Ethereum: Second largest cryptocurrency continues to battle troubled waters
Ethereum, the second largest cryptocurrency in the crypto market is amidst further discussions and deliberations. Current worries of the company arises from the mishap that happened last year. Ethereum was hacked in the month of July and lost 150,000 Ether again in November. This has triggered fresh discussions on the question of faulty transactions.
The hack touted as Parity hack arose from a change in multi-signature wallet software executed by Parity Technologies in early 2017. This was an initiative to drive down costs. The team decided to put functionality that’s common to many smart contracts and wallets, in a repository known as a library. The rewritten code exposed weakness which was exploited by a hacker who goes by the name devops199.
Ethereum tumbled by 3% that day and reached as low as $290. However, prices hiked again in January gaining more than $1000. Stuck funds are now priced at $220 million. Discussed solutions range from unlocking only the funds affected in the Parity hack to not doing anything at all. To recover stuck funds Ethereum CEO, Vitalik Buterin has come up with Ethereum Improvement Proposal 156 (EIP 156) and EIP 867. EIP 867 helps to identify and recover stuck funds belonging to a common class.
Co-founder of music sharing platform Musiconomi, Dan Phifer said 16,475 of the 17,648 Ether was raised in an ICO last year and are trapped in a Parity wallet due to the hack. He is actively trying to find a solution to the problem. He helped write EIP 867 and is searching for other funding alternatives to stay afloat. “While we certainly haven’t given up hope that there will be a recovery, it’s pretty obvious that if there is a recovery, it isn’t going to be anytime soon,’’ Phifer said.
Thousands of software developers, miners and investors across the world are battling to sort this out and recover all lost funds. Even though investors have lost huge portions of their Ether investments, Ethereum continues to be the preferred platform for token sales raising billions of dollars. Ether is currently trading at $433.63 and at a market cap of $43 billion. It has fallen by 0.15% over the past 24 hours.
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