NEWSLETTER
The main developer of the ethereum Foundation, Tim Beiko, has ruled out the idea of an ethereum blockchain setback after the Bybit crypto exchange trick. In <a target="_blank" href="https://x.com/TimBeiko/status/1893412457567383559″ target=”_blank” rel=”noopener nofollow”>detailed publication In x, Beiko explained why such a proposal is not practical and unfeasible.
ethereum Network also interconnected for reversal, says Beiko
On February 21, Exchange Bybit, based in Dubai, suffered the largest cryptographic trick in history, since the bad actors carried $ 1.4 billion in eth (METH) with mantle and other ERC-20 tokens by understanding one of the Cold exchange of exchange. As expected, this development has shaken the industry that drawn a speech on several recovery channels.
One of these channels that are being discussed is the possible reversal of the ethereum network. As the name implies, Blockchain Rollback is the process of reverse blockchain to a previous state, effectively undoing recent transactions.
According to Tim Beiko, the idea of a blockchain setback can be traced to a bitcoin network incident in 2010 where Satoshi Nakamoto implemented a software patch to invalidate a transaction where a user coined 146 billion btc. However, the software developer points out that bitcoin minimal efforts were minimal at this time with the main cryptocurrencies that quote around $ 0.07.
Beiko also refers to a similar incident in the ethereum Network in 2016, where a particular DAPP known as Thedao that had an estimate of 15% of the eth supply was under the control of a hacker. Fortunately, Thedao developers had implemented failures that forcibly froze all retreats in the DAPP for a month in the case of a trick.
This time allowed ethereum developers to make a change in the block chain, thus updating the Thedao database manually in an “irregular state change.” In particular, this decision caused a lot of division in the eth community finally, which resulted in the hardfork that created the Classic ethereum chain.
In the context of the Bybit trick, Beiko explains that a blockchain reversal would be practically impossible due to multiple factors. First, the ethereum network does not detect broken protocol rules, since the trick occurred through an committed multi-sig wallet interface where the custodian signed a falsely shown transaction that resulted in the loss of assets.
In addition, the eth developer points out that the hacker has begun to transfer stolen funds, unlike the Thedao case. Therefore, any attempt to reversal would result in a continuous game of cat and mouse. Finally, the ethereum Network is too developed and interconnected with the presence of multiple bridges and protocols, therefore, another “change of irregular state” could cause a catastrophic wave effect.
General description of the price of eth
At the time of writing, eth is quoted at $ 2,754 that reflect a gain of 2.77% on the last day.
Istock's prominent image, TrainingView graphics
