• Coins 2,353
  • Markets 14,059
  • Market Cap 277,483,056,245
  • 24h CMC -3,518,869,457.65
  • 24h Vol 30,397,724,530
  • Dominance BTC 59.43 % | ETH 10.33 % | XRP 6.75 % | 

Ethereum Hard Fork Could Help Restore Frozen Parity Cryptocurrency

Image Credit: Keeping Stock

Ethereum hard fork became a reality and now the road map of Ethereum 2.0, which Vitalik Buterin defines as the future of the network is all set to upgrade.

In the year 2017, more than 500,000 Ethereum [worth$62 million]—stored in wallets provided by Parity, a blockchain software company was lost when a hacker hacked a software bug that froze the funds. This may be recovered by the Ethereum Hard Fork. Parity CEO Jutta Steiner explained on Fortune’s latest episode of “Balancing the Ledger,”

“If that functionality CREATE2 had existed at the time, there wouldn’t have been a vulnerability, basically, so if you think now, okay, we introduced and sort of fixed the tooling, then wouldn’t it be the right thing to do to also fix the issues that arose when we didn’t have the tooling?” Steiner stated.

Now that the Hard fork is implementation is successful, Steiner believes there is a stronger case for taking the necessary steps to remedy the Parity wallet problem.

“It doesn’t automatically mean that we, or all the teams that have stuck funds, get the funds back, it still requires another hard fork where that particular state change is made, but it gives a much more solid argument to why it’s the right thing to do and recover the funds.” She further explained.

Now Ethereum is looking forward to the next level upgrade, Istanbul. The upgrade will take place by the end of this year or by the beginning of 2020. Ethereum Hard fork is expected to be live in October 2019. Apart from this upgradation, Serenity is set to happen in the future, this will be the real Ethereum 2.0 upgrade, which will implement ProgPow. This would be the much anticipated upgrade for the Ethereum enthusiast and mining community. Experts believe that the upgrade will decentralize the network and gives more stability.