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Parity has released a statement in which they explain which are the possibilities to unlock the frozen funds. Parity Tech states that they prefer the hard fork solution and that they will work to gain consensus in the community.

Parity Hack – What Happened?

At CoinStaker we have explained what the situation was with Parity and the hack that they suffered. On November the 6th, 500,000 ETH have been frozen due to an ‘accident’ involving a user and the library code with all multi-sig contracts.

In this new statement, the company explains that there have been various difficult situations for the Ethereum platform. According to Parity Technologies, users and developers have struggled with the usability and building of this new ‘frontier’ of development.

The main difference between these problems and Parity hack is that Parity has compromised an incredible amount of funds. These problems will still occur and the Ethereum community must debate on how to solve them.

Three Possible Solutions

The first solution that the company proposes is to follow Vitalik Buterin’s advice. The intention is to allow private key holders affected with specific issues to withdraw their Ether.  This solution is partial and some funds may be lost due to replay attacks and bugs. Furthermore, this solution does not include Parity multi-sig wallets and users can only recover Ether.

“A second solution would be an ‘address specific’ Ether and Tokens recovery,” reads the statement. “This is a solution that focuses on capturing as many edge cases as possible but one that is not tightly defined.” This would be the most straightforward solution and would not change the behaviour of the EVM.

The third solution backed by Parity, is to change the Protocol in order to revive the suicide contracts and fine-grained deployment of contracts for all users going forward. This solution would unlock the frozen funds stored in the multi-signature wallets. Besides that, this solution would safeguard future incidents of a similar nature.

The company has clearly said that they stand with this possibility because it adds functionality for users. At the moment, four different designs are under review. The intention is to rescue these funds, help all the users as possible and prevent these things to happen again in the future.

“Achieving good governance around hard forks and protocol upgrades on Ethereum has been an ongoing project. It has had its successes and failures with limited experiments with democracy, plutocracy, and technocracy. Good consensus has been achieved on technical enhancements while significant non-enhancement hard forks have been both failures and successes of consensus,” finishes Parity’s post.


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