Aside from Bitcoin, other cryptocurrencies will also need to undergo some major changes in the future. For Ethereum, a new improvement protocol has been submitted which could introduce some major changes. It is only normal that a lot of people will scrutinize the basic idea of this proposal, known as the Standardized Ethereum Recovery Proposals EIP.
Ethereum Recovery Proposals in a Nutshell
It has become evident there are a fair few issues when it comes to funds on the Ethereum blockchain. Although growing pains are nothing out of the ordinary in this regard, fixing these problems won’t be easy. In the past, the Ethereum developers bailed out holders of the DAO’s token simply because the funds would have been unspendable otherwise.
While that set an intriguing precedent for the future of Ethereum bailouts, nothing significant has happened since. That may come to change in the near future thanks to EIP 867. This particular proposal aims to introduce a Standardized Ethereum Recovery mechanism which would allow for blockchain-based modifications to deal with funds being lost, stolen, or unspendable due to technical issues.
Such improvement protocols will always be met with a lot of scrutiny. Some people will undoubtedly claim this measure is designed to make it easier for the developers to recover stolen funds, although such an approach could lead to some abuse as well. Although the EIP itself doesn’t advocate for or against particular recovery proposals, it will be interesting to see how all of this plays out in the coming months and years.
The proposal itself aims to become a common solution to address certain “classes of lost funds” on the Ethereum blockchain. If there is no disagreement about the right course of action, such a recovery standard could introduce a lot of positive changes in the future. Since smart contract technology is still in the early stages of development, it is very likely that more funds will be either lost or stolen due to technical imperfections.
For one thing, this EIP could bring some relief to victims of the recent Parity contract issue. With those funds still stuck in limbo many months after the incident was reported, it has become apparent that a completely new solution will need to be developed at some point. A standardized proposal like this one could certainly make that possible, assuming the developers accept it.
Whether or not EIP 867 will become part of Ethereum remains to be determined. It is evident something needs to be done to recover the funds stuck in limbo right now, and this approach may be far more favorable compared to a traditional hard fork. Only time will tell how things play out in this regard, as this EIP is still subject to review.
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