Cryptocurrency

Parity Tech Bug Wipes 500K ETH, Ethereum Hard Fork Again?

Parity Tech Bug Wipes 500K ETH, Ethereum Fork Again?

Parity which was claimed to be the fastest and the most secure way of interacting with Ethereum block chain has been badly affected due to recent programming bug found Parity’s wallet software which claimed more than 500K ETH of the users of Parity multi-signature wallet. Let’s see how things took turn for Ethereum and its Wallet Parity below.

Ethereum is one of the most powerful platforms for decentralized application development worldwide. The users and app developers can sell or trade their applications directly to the clients through Ethereum which basically works on block chain method that allows more and more like-minded people to connect and showcase their talent without spending anything.

Ethereum too works on the concept of wallet where “Ether” and other crypto currencies are traded through sale and purchase of application available on Ethereum Parity wallet which was setup together with Ethereum. ETH/USD price dropped below $290, but later managed to recover above the $295 mark.

Parity Tech in News Due to its Bug

Now Parity Ethereum Wallet is in news for all wrong reasons as a technical bug has hit the wallet because of possible programming blunder that has approximately frozen 500k ETH permanently in all parity multi-signature wallet which has restricted the users of this wallet to no longer use their ether, this might affect Ethereum and damage its reputation which claimed Ethereum has been programmed without any possibility of downtime, fraud and third party interference.

Now the question is, will People who lost their ether will be able to get it back through Ethereum hard fork?

Hard Fork refers to the resetting off the entire programming of Ethereum which we are sure that it will not happen as this has been tried last time by Ethereum developers and they end up creating two competing network which some users boycotted therefore Saying anything like getting affected user’s ether back is skeptical, as Ethereum works on block chain method which cannot be rolled back as it will result in great amount of data lost which cannot be recovered under any circumstances.

localethereum even asked users for their opinion in a poll and many users (about 59%) said that there should be no hard fork.

Now it’s all depends on Ethereum and parity that what conclusion they might come up with the hard earned Ether that has been lost due a programming bug for which users has lost approx 500K ETH permanently in one go.

We hope Ethereum developers should first stabilize their technical glitch, work more on programming front to make it bug free and on security front rather than allowing more and more users on Ethereum and diversifying at fast pace.

2 Comments

2 Comments

  1. Anshuman

    November 9, 2017 at 4:47 am

    Its hard fork

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