BitGreen Considers Hardfork To Temporarily Lock Cryptopia Addresses
By Jofor a.k.a. Cyberczar - 2019-05-23
With the recent hack at Cryptopia and the consequent effect on the exchange, the BitGreen team is considering protocol change to ameliorate the effect of the hack on its community. A recent Medium post
stated that the exchange is holding 2.3 percent of the total circulating supply of BitGreen in the networks’s wallet at the exchange.
Cryptopia which recently announced that it would go into liquidation
as a result of the hack after several attempts to turn its business back into profit has already appointed liquidators prompting BitGreen to consider moves that would make the resultant effect of the action less strenuous on its community.
Even though hacks are not uncommon in the crypto community, its effects on the affected coin or exchange may be prolonged. This is why BitGreen is considering protocol level changes to avert adverse result on depositors affected.
BitGreen wants is governance structure to give the stakeholders the leverage to decide on important issues such as interaction with the liquidators and decide on issues such as locking up of the network’s wallets on the platform pending the realization of the liquidator’s plans with regards to BITG deposits.
All these are in the light of the fact that Cryptopia has announced that it is liquidating and has also moved to lock up some of the stolen funds where reported. The exchange has shown that it is working in the best interest of its depositors.
The BitGreen technical team has also identified all the BITG deposits with Cryptopia. The onus is now on the community to decide if a hard fork is necessary to lock up the funds pending the announcement of the plans of the depositors. The network would take action based on the decision of 51 percent of the masternodes.
The main advantages is to prove that the BitGreen governance structure can always work in the overall interest of the community when such situations arise showing that the community has control over its affairs in case the liquidators decisions are contrary to expectations.
It will also create the needed balance between exchanges and stakeholders on the network.
The downside is that wallets that do not update to the latest version will be offline. Interference will also work against the principles of immutability which decentralized networks represent.