Friday, January 22, 2021

Ethereum Community Proposes DAO Reversal after a User Sends 40 ETH to Wrong Address

Ethereum (ETH) community members have proposed the creation of a decentralized autonomous organization (DAO) after a community member mistakenly sent 40 ETH worth $8267 at press time, to a wrong address.

The DAO is targeted at refunding users that accidentally sent their funds to wrong addresses, provided the address contains only one or two incorrect character(s).

Ethereum (ETH) User Mistakenly Sends 40 ETH to Wrong Address

The proposal came about after a user with the username daso14, who accidentally sent 40 ETH to a wrong address requested help from the Ethereum (ETH) community members via the Ethfinance subreddit.

According to the user, only one alphanumeric character was mistakenly inputted into the receiving wallet’s address.

In response to daso14’s complaint tendered on 6th May 2020, a Reddit user with the username conn6614 proposed the creation of a mechanism to recover ETH that is mistakenly sent to wrong addresses.

A follow-up response was made by a Reddit user with the username SrPeixinho on 16th May via r/Ethereum, proposing a lasting solution to a situation whereby one or two mistyped characters will make someone part from his/her hard-earned funds forever.

The user then suggested the creation of DAO, “to refund users that accidentally sent their Ether to the wrong address by 1-2 digits.”

In the course of debating on the developing issue, the community stated that the DAO would comprise a simple smart-contract deployed on mainnet to which ETH would be donated by the community.

The DAO will be made to verify misplaced transactions that contain one or two wrongly placed characters and divert a percentage of the lost funds to users from its smart contracts. This proposal has initiated a notable discussion on Ethfinance subreddit.

Also, Unstoppable Domains such as .crypto and .eth that are increasingly gaining traction, were as well emphasized by other Redditors to eliminate potentially inaccurate typing errors.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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