Monday, October 18, 2021

Parity Clarifies: ‘No Intention of Splitting Ethereum Chain’

Parity Clarifies: ‘No Intention of Splitting Ethereum Chain’

Hundreds of millions of dollars worth of ether were lost in late 2017 after the library underlying the multi-signature Parity Wallet had its contract killed. Rumors of a Parity-led hard fork of Ethereum have cropped up ever since. Now, though, the Parity team has come out and publicly clarified they are sticking with the main chain for good.  

Also see: Research Director of Coin Center Think Tank Says Ether ‘Not a Security’

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The EIP 999 Debate

In recent weeks, the Ethereum community has increasingly contended with the “Parity question.” What, if anything, was to be done for the ether locked away due to the Parity library kill?

On the one hand have been those calling for the implementation of Ethereum Improvement Proposal 999, formally called the “Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4″ EIP. To implement the required backwards compatibility for a fix, Afri Schoedon — the author of EIP 999 — has suggested adding the “necessary state transition in a future hard-fork.”

And, on the flip side, such a potential hard fork is what had EIP 999’s detractors very concerned. They believed it would decisively threaten the immutability of the Ethereum blockchain and would water down the argument that the fork after the infamous DAO hack was only a one-time gig.

Thought leaders in the community have chimed in on the debate, like Ethereum co-creator Vitalik Buterin, who recently suggested Parity was more or less on their own as a “great majority” was sounding off against a fork.

Indeed, the ball’s been left in Parity’s court for some time now. And it looks like they’ve finally decided to pass.

No Fork, Ya’ll

In a new announcement entitled “Our commitment to Ethereum and a decentralised future,” co-authors and Parity Technologies co-founders Jutta Steiner and Gavin Wood clarified that a Parity-led fork was officially off the table:

Let us make clear: we have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build. We believe Ethereum is a crucial piece of the decentralised web infrastructure and are fully committed to making the platform open, scalable, and safe today and in the future.”

As those who stood to gain the most from the proposal, Parity’s seemingly nailing the EIP 999 coffin shut for good. In the mean time, the company with continue to push ahead on projects like Polkadot, Substrate, and Pluggable consensus.

What’s your take? Do you think Parity’s made the right decision by sticking with the main chain? Sound off in the comments below. 

Images via Medium, Finance Magnates

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