Developer Kasireddy Calls Fund Recovery, Ethereum’s ‘Defining Moment’
Developer PreethiKasireddy believes that there’s no ultimate answer to the debate on Ethereum’s fund recovery problem.
PreethiKasireddy, a former partner at Andreessen Horowitz and former software engineer at Coinbase, believes what the ethereum community decides to do in terms of fund recovery will be the network’s “defining moment.”
Speaking at the ethereum community conference EDCON on May 4, Kasireddy stated that there is “no right answer” to Ethereum’s fund recovery debate. The developer thinks that the ongoing debate regarding whether Ethereum should hard fork to return funds lost on the platform will continue.
He said, “There’s no right answer obviously because if there was a right answer we would have figured it out and moved on a long time ago.”
Since November, the debate over Ethereum, the second most valuable blockchain network, to undergo hard fork in order to return user funds lost in various hacks or accidents, including those lost in the Parity fund freeze, is going on. Kasireddy, the founder, and CEO of blockchain startup TruStory says that with such pressure, the Ethereum community should now define its collective values.
The Parity fund freeze, as well as MyEtherWallet and Kraken, are some cases where hundreds of thousands of dollars were lost due to Ethereum’s faulty address generator.
Last week some developers expressed their concern over the lack of community consensus on the issue of fund recovery stating that this may lead to a division in the community. However, to avert such instances, many others have come forward to address the issue.
Kasireddy said, “We’re trying to look for a one size fits all solution that works for everyone.” Adding on, he said, “I don’t think that exists.”
The unending debate over funds recovery problem has forced many developers to re-examine Ethereum’s governance mechanisms. As such in order to solve the issue, many developers and Ethereum stakeholders discussed the matter in a closed-door meeting before the conference started.
On the other hand, Kasireddy opines that instead of a formal governance method, community needs to be part of the solution.
“It’s a very culturally defining moment for Ethereum because the answer is based on what our shared social norms are and what our shared political norms are. To be honest, I don’t think we know what those are, and that’s why we’re stuck at this debate,” says Kasireddy.
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