THELOGICALINDIAN - Counterparty will acquaint a alternation of safeguards into its Ethereum Virtual Machine EVM on the Bitcoin blockchain including a ban on rollbacks columnist albatross for acute affairs and a deactivation about-face controlled by association vote
Also read: Counterparty Gives Bitcoin Ethereum-Style Smart Contracts
Developers accept formulated these measures in acknowledgment to one user’s accomplishment that drained 3,641,694 ether (worth over $50m) from The DAO, a activity based on Ethereum’s acute arrangement platform.
Since then, the Ethereum association has debated how to handle the situation, with a majority of miners now supporting a ‘soft fork’ to benumb that user’s funds. A hard-fork acknowledgment of the absolute Ethereum blockchain was additionally proposed, with abounding warning such a move would abort aplomb in the Ethereum platform.
Counterparty’s Proposed Safeguards
Counterparty says its system’s amount asset-creation affection set is absolute of any acute arrangement functionality – clashing Ethereum, area affairs in some anatomy are basic to any activity on the arrangement added than sending ether.
The Counterparty Foundation Board has added a “no rollback” article to its bylaws, afterwards consulting with the development team. No developers will be accustomed to broadcast cipher proposing a angle or acknowledgment to adverse a bug in any specific acute arrangement (this does not administer to any bugs begin in the EVM cipher itself).
Authors will be absolutely amenable for any bugs in the affairs they write.
XCP-based pale voting is addition aegis affection – holders of a assertive (yet-to-be-decided) allotment of XCP (Counterparty’s built-in bill unit) may vote to admit a protocol-sourced accelerated abeyance of the EVM subsystem, after affecting the accepted apparatus of the Counterparty arrangement itself.
A agnate vote would be appropriate to restart the EVM.
Better Smart Contract Design Needed Too
Counterparty declared that acute arrangement technology is able and risky, ambitious “exceptional cautiousness” with failsafes to abate the appulse of bugs or added issues.
The Counterparty Foundation’s advertisement said:
Blame for the DAO losses, the account added, was due to the poorly-designed “splitDAO” function, amid added issues, and not a bug in the EVM itself.
The Solidity programming language, acclimated by both Ethereum able and Counterparty’s EVM, can and acceptable will be bigger to accomplish such acute arrangement coding mistakes beneath accessible in the future.
The Counterparty Ethereum Virtual Machine
Counterparty’s port of the EVM was developed so Counterparty’s bill badge XCP could be acclimated as ‘gas’ to ability acute affairs on the Bitcoin blockchain, rather than on Ethereum’s blockchain application its built-in token, ether. A development adaptation has run on Counterparty’s testnet back 2014.
Lead developer Ruben De Vries said the accepted adaptation has about 85% analysis coverage, and is the newest adaptation of the EVM software auspiciously active on Ethereum itself.
The final absolution will accept all EVM functionality, acquiesce alternation with Counterparty assets, and be absolutely accordant with absolute Ethereum acute contracts.
Counterparty believes it is complete abundant to run on the Counterparty/Bitcoin mainnet, with “appropriate precautions.” It will accommodate all the aegis measures mentioned above.
Do you still assurance acute contracts? Are Counterparty’s aegis appearance abundant to aegis area ample sums of money are involved?
Images address of Wikimedia Commons
