- Ethereum had experienced a DAO hack, which led to a division of the Ethereum chain into two chains.
- Vitalik Buterin conducted a poll asking for the community’s opinion on Ethereum forks.
Back in 2016, Ethereum had experienced a major DAO hack. It led to a division of the Ethereum chain into two chains, the main Ethereum chain (ETH) and Ethereum Classic (ETC). The hard fork was controversial as it effectively rolled back the chain to return the hacked ETH to those affected.
In a recent poll, Ethereum co-founder Vitalik Buterin asked this question:
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?
A whopping 63% regarded such an intervention and a hard fork as a risk. 16% believed that 10-100M ETH is required to carry out the task, while 9% believed one needed 1-10M staked. Finally, 12% believed less than 1M ETH staked was fine. The poll proved to be controversial and some of the replies gave rise to old criticisms. Nicolas Dorier tweeted:
at the end of the day, it all depends on whether or not Vitalik was using the wallet.
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.
Many wondered why Buterin raised such a question in the first place. Buterin, however, seems to be asking the question in good faith.
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