Jutta Steiner CEO of Parity claimed that the new Create2 Ethereum (ETH) controversial function would have probably prevented the Parity multisig freeze. Steiner explained the issue on an interview that was published today and we are looking into it some more in our Ethereum news.
Back in 2017, a user accidentally damaged and therefore disabled the Parity multisig library by activating vulnerability in order to become the owner of the library and later self-destructing it. The incident included 587 wallets with more than 513,774.16 ethereum in them which was equivalent to $152 million then.
Steiner noted during the interview:
“If that functionality Create2 had existed at the time, there wouldn’t have been a vulnerability, basically.”
The function grants Parity a new argument that can be used when trying to convince the community to support a hard fork. At the end of April 2018, a vote to reverse the Parity incident and to unfreeze the multisig wallets ended after almost 55 percent of the voters voted not to reverse it. There was a lot of controversy with the voting in the ethereum community as many of the participants that had huge sums of ETH in the wallets, were disadvantaged in influencing how the vote will be directed because of the staking process.
Steiner says that the tooling has been fixed but that it is also the right time to fix the issues that arose when they didn’t have the tooling.
Another smart contract platform named Edgeware which is based on Polkadot is capable of helping Parity as well. Their chain is proof-of-stake which means that all of the native coins deemed Edge are minted by staking them.
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