Ethereum Rollback: Why It's Infeasible
Ethereum Rollback: Why It's Infeasible
Following the $1.4 billion Bybit hack, discussions around a potential Ethereum network rollback have intensified. Tim Beiko, a lead developer at the Ethereum Foundation, has offered a clear explanation of why such a rollback is currently not feasible.
Historical Context of Chain Rollbacks
Beiko notes that rollback attempts aren't new, referencing a 2010 Bitcoin incident involving a software bug that created 184 billion Bitcoins. At that time, a simple software patch resolved the issue due to Bitcoin's nascent stage. He also points to the 2016 DAO hack on Ethereum, where a chain rollback was possible due to the smaller scale and the existence of a 30-day withdrawal freeze mechanism. This resulted in the creation of Ethereum Classic (ETC) alongside the updated Ethereum chain.
Why an Ethereum Rollback Is Impossible Now
The current Ethereum network's complexity and widespread real-world usage make a rollback impractical. Unlike in 2010 when Bitcoin's price was $0.07, Ethereum now underpins significant economic activity. A rollback would severely disrupt the entire ecosystem. Furthermore, the funds from the Bybit hack, reportedly stolen by the Lazarus Group, have already been moved, making a reversal even more challenging.
Beiko highlights the failed attempt to reverse transactions related to a Parity multisig wallet incident in 2018, where consensus for a rollback could not be reached despite over 500,000 ETH being involved. The situation is further complicated by the upcoming Pectra upgrade scheduled for April.
The Pectra Upgrade and Future Considerations
The planned Pectra upgrade, currently in the final testing phase, adds another layer of complexity. A rollback now could jeopardize the upgrade's launch and introduce further instability into the network. While the Ethereum roadmap remains on track, the fallout from the Bybit hack and the lack of a clear solution remain ongoing concerns.
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