The cryptocurrency world is abuzz with chatter about a possible “undoing” of the Ethereum digital ledger after the Bybit platform experienced a cyberattack, resulting in the disappearance of a shocking $1.5 billion (exceeding 400,000 ETH). This has ignited a discussion echoing the 2016 DAO rigid division, where an analogous occurrence prompted the digital ledger’s partitioning to recoup pilfered assets.
Bybit’s chief executive officer, Ben Zhou, is acting nonchalant, proposing a communal ballot on whether to revert the chain. Concurrently, Arthur Hayes, former BitMEX head honcho, playfully inquired of Vitalik Buterin (Ethereum’s co-creator) if he would endorse an undoing to aid Bybit. Hayes even jested that Ethereum “ceased to be currency” following the DAO intrusion.
While the notion of an undoing is circulating, numerous specialists deem it improbable to transpire. The dispute is intensifying on social networking platforms, with all and sundry contributing their opinions on the advantages and disadvantages of such an extreme action.
I would back the populace if it desired to make another attempt, given that we already voted down immutability back in 2016, so why not give it another shot?” Shen elucidated, pointing out that the phrase “rollback” is derived from GameStop integrates Bitcoin into its investment strategy’s architecture, where each exchange is connected in a constant, verifiable sequence.
Nonetheless, Ethereum employs a framework where smart contracts and exchanges directly modify balances, implying there isn’t a solitary, trackable sequence that can be undone similarly. In Bitcoin, canceling an exchange necessitates undoing all following exchanges to preserve the sequence’s consistency.
What transpired in the DAO incident wasn’t a genuine rollback, but instead an “anomalous state shift” that reallocated assets from the breached contract without reverting the entire blockchain.
Throughout the discussion, Laura Shin from the “Unchained” podcast contributed some context and explanation regarding the “rollback” proposition, declaring, “I’m certain they won’t.”
Kyle Baird is the weekend editor at DL News. Have a lead? Contact him at [email protected].
