Parity: ETH hard fork inevitable to unlock frozen funds

Parity Wallet made an announcement proposing Ethereum Hard Fork in response to $160 funds frozen in the beginning of November
11 December 2017   906

On November 6, users' funds on Parity wallets with multi-signature were reported to be blocked as a result of activation of a critical vulnerability in a smart contract. According to Parity statement, the amount of funds blocked on wallets was estimated at $164M.

On December 11, Parity published a blog post describing a solution for reactivating all the frozen funds. The ethereum software company confirmed that ETH hard fork is inevitable for this purpose.

No one should be under any illusion that unlocking these stuck funds would be anything other than a rescue operation - and would only be possible with a hard fork. 

Parity Technologies Team

Proposed solutions:

  • to allow private key holders affected by certain issues to withdraw their Ether
  • an “address specific” Ether and Tokens recovery, which would not change the semantic behaviour of the EVM but could still solve all of the cases previously raised
  • a change to the Protocol which would allow the revival of suicided contracts and fine-grained deployment of contracts for all users going forward 

Most recently, the incident with the Parity multi-signature wallet, where the contract which held the code governing the behaviour of the wallets, was deleted. This left anyone with Ether or tokens in Parity multi-sig wallets unable to withdraw them. All of these funds are provably non-recoverable without a change in the blockchain’s state, opcode upgrades or consensus rules modification.

Parity Technologies Team

Previously, we reported that Service Localethereum conducted a Twitter-survey about the advisability of hardfork to rescue frozen in multi-signature wallets and it turned out that 59% of respondents were against such an outcome.

At the moment of press, these are main market parameters of Ethereum:

  • Average price: $470.60
  • Marketcap: $45 305 020 721
  • 24h volume: $1 398 230 000

Parity Ethereum Client v2.0 to be Released

Developers have created Parity Ethereum exclusively for mining pools, exchanges and other infrastructure nodes
19 July 2018   688

Parity Technologies has introduced a new version of the full node software for the Ethereum network called Parity Ethereum v2.0.0.

This major release comes with some notable changes. First and most importantly, Parity Ethereum is built to serve as expert software for production use and shouldn’t be considered end-user software or an “Ethereum Wallet.” It is meant for mission-critical use in mining pools, exchanges, or any other type of infrastructure or service provider.

Parity Team

The Parity Ethereum client is able to interact with various consensus mechanisms, provides the choice between the Ethereum virtual machine (EVM) and the WebAssembly virtual machine (WasmVM), and it supports private transactions and the creation of special lists of nodes to restrict access to certain contracts.

Moreover, users should not perceive the new version of the software as a product for the end-user or Ethereum-purse, as the developers have created Parity Ethereum exclusively for mining pools, exchanges and other infrastructure nodes. This version is specialized.

The client also lacks a graphical user interface, known as the Parity wallet.