Troubles of Ethereum Continue, With Final Solution Still Not In View

Since the June 17 attack on the DAO, the Ethereum Network has not remained the same. Evident in this scenario is the falling price of the network’s cryptocurrency, Ether.

Soft fork

Speaking during the Dutch Blockchain conference, Gavin Wood, co-Founder of Ethereum said: “Assuming no further security issues, stolen Ether will remain illiquid for 39days. Then it will be completely fungible and may be exchanged or sold”.

Wood outlines the three possible options available for the Ethereum community in handling the DAO attack:

1. Do Nothing: By taking this approach, Wood says that most of the stolen Ether will go to the attacker(s) and then perhaps to the market.
2. Soft Fork: The stolen Ether becomes blocked indefinitely
3. Hard Fork: Stolen Ether gets returned proportionately to DAO tokens held.

On June 20, Ethereum announced that it was going to implement the ‘Soft Fork’ option after the community voted in its favour, a procedure that Wood describes as a low risk measure that involves altering the network protocol slightly by nudging it into a certain direction in other to freeze the stolen funds.

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