Preethi Kasireddy, CEO of blockchain startup, TruStory and former partner at Andreessen Horowitz, has described the debate for or against the recovery of lost Ethereum funds as a defining moment for the Ethereum ecosystem. Kasireddy, who was a former software engineer at Coinbase, shared his view on the matter during the Ethereum Community Conference, EDCON held on Friday, May 4.
According to him, the moment is the time for the ethereum community to define its collective values.
Parity and other Ethereum Lost Funds
There’s been a recent debate whether Ethereum should undergo a fork to recover these funds lost by users to accidents and hacks. This latest episode in this debate began toward the end of last year came to a head in April when it seemed that it would split the community. Following the vote, notable community members including Parity have assured that there were no plans to divide the ecosystem
ETH worth several million dollars have been lost in hacks or accidents due to wrong codes. The most notable is users’ funds lost due to a code error on Parity wallet to the tune of $152 million. Since the incident, moves to unfreeze those funds have intensified; the latest, an Ethereum Improvement Proposal EIP 999, created so much debate until it was voted against by the majority of the community. Other major accidents occurred with MyEtherWallet and Kraken due to a bad ethereum address generators.
Kasireddy’s take on the Ethereum Fund Recovery Debate
Kasireddy, who dissected the technical and political implications of a decision for or against the fund recovery, concluded that a decision should depend on what precedence the community wants to set for the future. “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,” he said noting that it was for lack of full knowledge of these values that have let the debate linger.
According to him, “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.” He continued, “We’re trying to look for a one size fits all solution that works for everyone,” Kasireddy said, adding […] I don’t think that exists.”
Finally, Kasireddy stressed that the community needed time to figure out its values and lasting principles.