$500M to Send to Ethereum Genesis Address by Mistake

Mistakes can cost you a lot, especially in the cryptocurrency world
05 March 2018   1415

Ethereum’s first address is 0x with 40 zeroes. It’s also a dangerous one that has been the unintended recipient of $6 million in ether and over $500 million in ERC20 tokens. This is reported by Bitcoin Com.

This address is really dangerous: just enter all the zeros and your ether or ERC20-tokens go to eternity. The situation is aggravated by the fact that some wallets specify this address by default and allow sending transactions to it if the user does not enter another address.

ETH Genesis Address
ETH Genesis Address

Is there any way to get the golem I sent to 0x0000000000000000000000000000000000000000 back? I was transfering my tokens from my ethereum wallet to my ledger nano s and forgot to input an address before hitting send. Ethereum wallet apparently sends to 0x0000000000000000000000000000000000000000 as a default. Has this happened to anyone else?

moderndayblues at Reddit

Another user states that he sent all his savings in the amount of 1 493 ETH to the same address. In just 3 years of the existence of the crypto currency, 750 transactions were sent to this address, containing 7,000 ETH ($ 6 million) and more than 200 varieties of ERC20-tokens worth $ 600 million.

Today, the genesis address of Ethereum stores 33,000 Aeternity, nearly half a million BAT, 9.5 million Bytom, 750,000 Golem, etc. If, in the case of bitcoin, the funds at the primary address are not recoverable due to the device of crypto currency and the disappearance of Satoshi Nakamoto, Ethereum users can expect a more successful outcome. If the creators of Ethereum have access to private keys from this address, they can return all funds to it to senders and create a smart contract that will do this automatically, however, the creation of such a system, apparently, is not yet included in the number their priority tasks.

Monoplasma Ethereum Scaling Technology Unveiled

Monoplasma developers claim that the technology will help solve the problem of repeat payments from one address to many others
18 February 2019   53

The developers of the blockchain platform Streamr presented a solution for scaling the Ethereum network called Monoplasma. It is reported by CoinDesk.

The creators of the project claim that the technology will help solve the problem of repeat payments from one address to many others. Monoplasma, in their opinion, will be useful to developers of decentralized applications focused on the distribution of dividends, staking and repeated airdrops.

The head of Streamr, Henry Pinkala, also demonstrated fake token airdrop for 200 thousand Ethereum addresses in a test network using Monoplasma.

You can receive money, but you can’t send back the other way. That would be like trying to send a message to your TV. 

Shiv Malik

Head of communications for Streamr

Thus, Monoplasma payment channels are reliably protected from the attack of double waste.

Streamr intends to use a new solution for the mass sale of user data on the blockchain, allowing the buying company to settle accounts with many users at once.