Ethereum threatens to split due

Ethereum threatens to split due to funds blocked on Parity wallet

Ethereum faced an important choice regarding the technical vector of its network development, writes CoinDesk.

This was evidenced by the sentiments of the leading developers during a meeting late last week, which discussed the EIP 999 proposal, the controversy of which formed the basis for the assumption that two competing versions of the blockchain could arise in the foreseeable future..

The offer involves unlocking $ 264 million in the Parity wallet. Some of the developers advocating the update point out frequent bugs in contracts and argue that the system needs a mechanism to avoid such problems in the future. Others believe that editing the code after running it can damage not only security, but also the integrity of the platform..

“It doesn’t matter which point of view you hold. It is clear that EIP 999 is so ambiguous that its implementation will lead to the emergence of a controversial hard fork, “- explained the developer of the Ethereum browser Mist Alex Van de Sande.” Inevitably, a split will occur. “.

It is important to understand the scale of the figures involved in the discussion. For example, Parity Technologies, the developer of the Ethereum wallet, on which the frozen funds are located.

Parity was launched by Ethereum co-founder Gavin Wood in 2015 and is the second most popular Ethereum client, used by almost a third of the network..

Speaking at the meeting, two Parity representatives, external relations specialist Afri Sheedon and co-founder Jutta Steiner, urged software developers to launch clients that will embed EIP 999.

“I think the most logical step is to just take and integrate EIP 999. I don’t understand that we will be given another 4 weeks of waiting,” said Shedon.

Steiner echoed her colleague, saying the update won’t necessarily end in a split.

However, not everyone agrees with this opinion. Peter Siladhyi, lead developer at Geth, a client curated by the Ethereum Foundation that is used by most of the cryptocurrency network, said that the implementation of this code is likely to lead to a split.

“We are talking about the same networks. Basically, we are starting a tribal war. I don’t think we will come to an agreement, “he said..

Here it is necessary to clarify how Parity and Geth are currently working. Each client communicates directly with the Ethereum VM, which converts the smart contract language into more standardized code, but Parity and Geth use different computer programming languages ​​for this..

Following each other’s updates, both clients maintain synchronization and remain on the same blockchain not only with each other, but also with the wider Ethereum network.

Thus, it is critical that Geth and Parity use the same code.

For example, if one team implements EIP 999 and the other does not, Ethereum could split into two blockchains..

There is no consensus not only among the developers, but also in the community. A recent poll showed that most people do not support the update, but many consider the vote itself controversial..

Steiner said her company has yet to decide whether to integrate the update or not. A Parity spokesperson told CoinDesk that a related announcement will be posted in the coming days.

It is already clear that without Parity Ethereum will lose a lot. This applies not only to the computing resources of the network, but also to the resources of developers..

“Parity has a valuable development team. They are extremely motivated to fork and support it, ”said Van de Sande.

But even if Parity supports the fork in every possible way, there are many factors that will make them think many more times..

First, the split in Ethereum will have an impact not only on transactions, but also on the thousands of tokens and companies operating on its blockchain, Van de Sande explained..

After the split, each smart contract will simultaneously exist in both chains.

“If you have rare online cats, each of them will have an evil twin brother in a parallel universe,” said developer Mist.

“At best, if a split occurs, the smaller fork will have a small community, and most applications will know which way to move, but even then there will be a warring community,” he added..

There is one more reason that may help keep Parity from forking..

If the chain breaks, the cryptocurrency of each blockchain will drop in value as each of them will have fewer supporters. Thus, the amount that Parity seeks to unblock will also decrease..

“As long as so much air is blocked there, the amount can be measured in millions of dollars,” said Van de Sande. “Therefore, they may be less motivated to fork.”.

At the same time, abandoning the fork does not solve the problem of blocked funds. Van de Sande is developing a method to compensate for the losses suffered by Parity users, but he refused to disclose details.

“The question is how to transfer the value of these tokens. This is what I am talking about, and I hope others will write more, ”he explained..

Since the publication of this material on CoinDesk, major players in the Ethereum ecosystem, including ParityTech, the Golem Project and developer Peter Siladhyi, have expressed their willingness to take part in the dialogue in order to come to a common solution and prevent the blockchain from splitting..

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