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Breaking News / Cryptocoins / Ethereum

Will a large an unintended Hard fork disrupt the Ico as we know it?

A wise man once said it’s the unknown unknowns that crash markets. So how would an unexpected hard fork recreating the code affect the current landscape of Erc20 Tokens in the ICO market? Will it be good, bad or indifferent?

Speculation of a sudden upgrade basically a code rewrite similar to the highly publicized DAO is rumored to be a possible outcome of the “accidental” delete of the code library that corresponds with a large well known ICOS wallets.

One possible solution

Some developers believe that the EIP is the solution.

So what is the EIP exactly?
According to GitHub the ethereum improvement protocol is as follows:

The EIP allows for users with ether or other assets in common classes of “stuck” accounts to withdraw their assets. The first case covers contracts that are accidentally created with no code, as well as some losses due to replay attacks where a contract was created on ETC, funds sent on ETH but the contract not created on ETH; the second case covers losses due to an old ethereum javascript library that incorrectly computed ethereum addresses. Note that in all cases, the “rightful owner” of the assets is obvious and mathematically provable, and no user is being deprived of any assets, and this proposal provides no explicit favour to any single account, user or application.

It is understood that there may be a risk that this proposal will be viewed controversially as it is in some sense a “rescue” rather than a “technical improvement” even though it is arguably much less intrusive than previous such proposals for the reasons outlined above; the proposal is created in order to allow community discussion and debate and does not signify full endorsement.

Other developers think the even with he deployment of EIP a Hard fork will still be necessary to unlock the funds.all that being said will this effect the standard Erc20 token.

Will this effect all the Dapps and other technical innovations built on the ethereum platform?

One possible positive alternative is it will make it more difficult to to create bogus or useless tokens and build bogus or useless Dapps on top of the ethereum network. As for the price of ether will there be any effect at all positive or negative?

Conclusion
Only time will tell the outcome but the author is confident that parity technologies and the Ethereum foundation will find he best solution to solve this complex issue and further continue innovation in this exciting blockchain technology!

 

Disclaimer
This article is for informational purposes only and does not constitute any investment advice .

Disclosure
The author may hold Ether.

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James Sowers is a Korean-American businessman and philanthropist. He is a former singer/songwriter who was abandoned at birth who had his music career tragically ended by a reckless driver in a car accident. He is currently Co-host of Exploring The Block.