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   1171

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 to Create Alternative Client for Zcash

New node will be written in the Rust language and will become the first alternative client for zcashd
20 March 2019   319

A leading developer of ecosystem solutions for Ethereum, Parity Technologies has announced a partnership with the Zcash Foundation. As part of this cooperation, the first alternative client for the private cryptocurrency Zcash will be created.

The message notes that the new node will be written in the Rust language and will become the first alternative client for zcashd - own client of Zcash Company.

In addition, according to the Zcash Foundation, Parity's expertise in creating the implementation of network nodes in networks with multiple clients demonstrated the importance of developing communities and further decentralization.

Our technical collaboration with the Zcash Foundation will bolster the cryptocurrency as a tool for financial privacy. We’re excited to leverage the time and expertise that we’ve already invested in Parity Bitcoin, while familiarizing our engineers with zero-knowledge cryptography and building a foundation for a Polkadot Zcash bridge.

Fredrik Harrysson

CTO, Parity

On Tuesday, March 19, the Chinese manufacturer of equipment for mining cryptocurrency Bitmain introduced the device Antminer Z11 based on a 12-nm chip. The new miner is focused on mining ZCash and other cryptocurrencies based on the Equihash algorithm, and as Bitmain claims, it is three times more powerful than its predecessor Antminer Z9 mini.