Vitalik Asks: Should Ethereum Transactions Be Reversible? 60% Of ETH Community Says No
- Vitalik Buterin of Ethereum posted a poll on his Twitter account to his followers.
- The Ethereum platform will soon be going through a long-term upgrade to resolve issues regarding growth of the network.
Vitalik Buterin, the co-founder of Ethereum, is stirring the pot with cryptocurrency users with a recent poll that he took on Twitter. He asked about the opinions of followers on reversing chain activity, if there was ever a major hack of an exchange or another entity. He remarked, “Suppose a popular smart contract wallet that a large portion of the ETH community users gets hacked. This could be reverted by reverting all chain activity since the hack and doing a DAO-style HF to recover the funds.”
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?
— vitalik.eth (@VitalikButerin) October 25, 2019
The poll revealed that 61% of the voters stated that intervention is never okay in these situations, leading Buterin to ask how many coins would need to be stolen before followers would be supportive of manually reversing the transaction, but they argued that money shouldn’t even be an issue with the decision to remove the benefits of blockchain in the first place.
Reversing transactions have been done before by the Ethereum developer. One of the most notorious situations involved the Decentralized Autonomous Organization (DAO) hack, back in 2016. At the time, the hacking resulted in $60 million worth of Ether.
Ethereum is presently going through a major change with a long-term upgrade, and any alterations will end up changing the algorithm of the platform. By doing so, the changes will resolve some of the big problems associated with the growth of the network. By August, Buterin had already stated that the blockchain for Ethereum was almost full at this point.
Ethereum remains the largest altcoin, based on its market cap. Still, its performance was rather underwhelming this year, as Bitcoin continues to be at the top spot. Presently, the Ethereum token is priced at $179.35, dropping by 5.24% in the last 24 hours.