![]() The infrastructure of blockchain was primarily developed with the intention of fostering greater decentralization. ![]() This issue where a typo sent $36 million in crypto into Ether highlights one significant downside of decentralization. This is why PoW systems crunch so much more power than PoS systems: the solution to these problems requires a lot of computing power. PoS systems validate transactions by having token holders vote to accept them, but PoW chains rely on the solution of computationally tough cryptographic issues. Proof-of-Stake is a more efficient consensus process than Proof-of-Work, which is utilized by Bitcoin and Ethereum. The Juno blockchain is an attempt to compete with Ethereum by developing a system that is both more scalable and more efficient. He stated that this should serve as a wake-up call for validators. Trying to explain how a typo sent $36 million in crypto into Ether, Di Michele noted that there were around 125 validators for this transaction, but not a single one was examined. In order for transactions encoded in “blocks” to be uploaded to a blockchain, “ validators” must validate each transaction. The person responsible for the transfer was a programmer who made a copy-and-paste error, and instead of the wallet address, they pasted the hash number.Īccording to Di Michele, the fact that none of the network validators saw the problem was an even more excruciating experience than the human blunder that occurred. Hashes are the glue that holds the blockchain together, and at first glance, the digits that represent hashes can appear to be quite similar to wallet addresses. In an interview with Coindesk, Andrea Di Michele, a founding member of the Juno development team, said that he had provided the developer responsible for the transfer with the right wallet address as well as a hash number. The Complex Blockchain Transaction Process ![]() Here is how a typo sent $36 million in crypto into Ether and raised alarms in the crypto community. A developer accidentally copied and pasted the erroneous wallet address, resulting in the transfer of $36 million in cryptocurrency to an inaccessible account. These people would then be able to vote on how the funds were going to be used. The funds were going to be transferred to a hardware wallet that was going to be controlled by people who owned Juno tokens. This alone was a major crypto news story. A community vote mandated the confiscation of approximately 3 million Juno tokens, valued at approximately $36 million, from an investor believed to have acquired the tokens through fraudulent means. In this awful situation are the developers of the Juno cryptocurrency. If human error leads anything to be sold at the incorrect price or funds to be delivered to the incorrect location, it may be challenging or impossible to undo the transaction. One of the most significant drawbacks of using blockchain technology? While the immutable nature of the blockchain is one of the most appealing features of this distributed ledger technology, once data has been processed or a transaction has occurred, neither can be undone. This surprising issue has alarmed many around the crypto community. A typo sent $36 million of crypto into the Ether.
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