The Debate Over A Controversial Ethereum Improvement Proposal Is Heating Up

The discussions surrounding a scandalous Ethereum Improvement Proposal (EIP) created to restore a self-destructed smart contract possessing hundreds of millions of dollars in ETH is intensifying.

Written by Parity Technologies developer Afri Schoedon, EIP-999 appeals to Ethereum to have a software update that solves the UK-based company’s frozen multi-signature contract library, permitting users to access about 513,000 ETH.

This fund which amounts to about $330 million at the present exchange rate was considered not spendable in November 2017 following pseudonymous GitHub user “devops199” who claims to have unintentionally abused a bug in the contract’s source code that permitted the individual to state ownership of the contract library and cause it to self-destruct.

Close to 600 different wallet owners were faced with loses after the bug, such as Polkadot, a project spearheaded by former Ethereum CTO and Parity founder Gavin Wood. Polkadot’s wallet presently holds over 306,000 ETTH, which is currently over $200 million.

“This proposal is necessary because the Ethereum protocol does not allow the restoration of self-destructed contracts and there is no other simple way to enable the affected users and companies regaining access to their tokens and Ether,” Schoedon wrote on GitHub.