Ethereum community does not support the idea of emergency forks
|- Vitalik Buterin asked the community about their attitude to emergency forks.
- The vast majority of the respondents do not think it is OK.
Ethereum's creator Vitalik Buterin polled the community on their attitude towards hard fork aimed at rolling back the transactions in case of a massive DAO-like hack attack from a cryptocurrency wallet.
"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?" he wrote in his twitter account.
As it turned out, the community did not support the idea of a hard fork in the circumstances suggested by Buterin. Out of 15 thousand polled participants, 63% firmly opposed interventions of whatsoever nature.
Meanwhile, 16% of respondents would agree to the hard fork if they lose from 10 to 100 million ETH. 12% would rather tolerate a fork than lose over 1 million coins.
Some users tried to have a smack at him, saying that the decision would eventually depend on how much he would lose in the assumed hack. However, according to Mr. Buterin, at the time of DAO he held fewer Ethereum coins than an average network user.
"You realize my (DAO holdings / total ETH holdings) ratio was like 50x smaller than that of the average ETH community member, right? I continue to not understand people who literally think I was trying to hard-fork ethereum to save $19k," he wrote.
Notably, Ethereum developers are getting ready for a major network update know as Istanbul. It is supposed to pave the way to Ethereum 2.0 transition to a consensus algorithm, based on Proof-of-Stake.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.