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   1461

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

1st Alternative Zcash Client to be Created by Parity

The responsibility for the continued development and support of the new client called Zebra will be with the Zcash Foundation
18 June 2019   968

The leading developer of solutions for the Ethereum ecosystem, Parity Technologies, presented the first alternative client for cryptocurrency Zcash.

A new client called Zebra is designed to improve the security of the Zcash network. So, if the original Zcashd client will not be able to operate for some reason, the blockchain will be supported by nodes on Zebra.

In addition, with the help of an alternative client, developers will be able to identify bugs and eliminate defects in consensus.

The community wins across the board, as there are now more core developers working on clients, with more interests represented and clients taking different approaches on how to build apps on top. Zcash can now boast a more diversified community that can effectively tailor experiences for Layer 2 developers as well as end-users.

Fredrik Harryson
CTO, Parity Technologies

The responsibility for the continued development and support of the Zebra will be with the Zcash Foundation.