RATE Group | Ethereum [ETH] Foundation developer unveils a proposal for a smart contract insurance pool
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Ethereum [ETH] Foundation developer unveils a proposal for a smart contract insurance pool

30 Apr Ethereum [ETH] Foundation developer unveils a proposal for a smart contract insurance pool

Posted at 13:34h in Ethereum News by

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Alex Van de Sande, a developer who is team lead for the Mist Browser at Ethereum Foundation has unveiled a proposal for an insurance pool that he believes will mitigate the risk of network splits stemming from a desire to recover funds frozen due to code faults in smart contracts.

Van de Sande wrote in a blog post that creating a recovery contract with a dedicated insurance fund would reduce the incentive that a person or group incurs. For example, the owners of more than $320 million in ETH that was rendered unspendable after Parity’s multi-signature wallet contract library self-destructed would have to pursue a contentious hard fork to recoup a share or all of the value lost due to the bug.

In his blog, he quotes:

“It’s a simple calculation really: let’s suppose the overall ethereum community decides not move forward with EIP999, but Parity implements it anyway on their very popular client.”

According to him, the system will work in the following way,…

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