A billion in JUNO tokens went down the drain, but all is not lost. A story about the good, the bad and the ugly of governance. Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. .
“ To err is human “What he doesn’t realize is that some can cause millions of dollars in anguish.
A cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. developer made a colossal oversight this week when he mistakenly sent several million dollars in tokens to the wrong address and to which no one has access. The unfortunate story, which was picked up by CoinDesk occurred to the project team Juno in the midst of a historic community governance exercise.
But the story goes far beyond a mistake that, almost magically, has disappeared more than $30 million in a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset.
The case goes back to an unprecedented decision that had been made by the community of Juno the blockchain project based on Cosmos (ATOM), to confiscate a large sum of JUNO tokens, native to the project, from a whale a term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market. that had been accused of manipulating an airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. (free token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. payback program) totaling USD $120 million.
A unique case of governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. Blockchain
It all started a few months ago, in February, shortly after the launch of the blockchain. Juno . To attract users of the ecosystem Cosmos to the new network, the Juno conducted an airdrop that would split 1 JUNO token between each wallet with 1 ATOM token wagered (in staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. ). However, the program seems not to have warned that there could be whales, users with a large volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of cryptocurrencies, with several wallets with ATOM bet.
While the airdrop was designed with a limit of 50,000 JUNO per wallet, that didn’t stop a guy named Takumi Asano, who had 50 wallets with ATOM on staking will be able to claim a massive amount corresponding to 10% of the total supply of JUNO tokens.
Asano was accused shortly thereafter of maliciously maneuvering to claim more tokens than airdrop allowed. Fearing the fact that a single individual had access to so many tokens, and could therefore manipulate the JUNO market, the community introduced apropuesta de gobernanza para revocar los tokens to Asano.
In fact, it was not one but several proposals that the movement put forward to subtract the tokens of the user, as pointed out by CoinDesk in a series of reports. One of the submissions alleged that Asano represented a “ investment group “in Japan called CCN and was therefore ineligible for the airdrop program.
Copy and paste: the colossal mistake
Words more, words less, the day of the vote finally came last Friday, after several months in dispute, and the majority of the community voted to confiscate all of Asano’s coins except for 50,000 tokens.
As he points out CoinDesk The decision was historic, as it was the first time that a group of Blockchain votes to revoke a user’s allegedly ill-gotten gains; a case reminiscent of 2016 after the attack on DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. in Ethereum a decentralized open-source blockchain with smart contracts functionality. .
As a result of the approval of more than 70% of voters, the proposal would implement an automatic update on the blockchain of Juno to move the revoked funds to a community-controlled smart contract. The community of Juno then you could vote to decide what to do with the tokens .
But from here on things did not go as expected. Things, which were already going badly for the project, became even worse when the money was sent to the wrong address.
In a series of unfortunate events, the developer in charge of the movement accidentally sent the tokens to an alphanumeric alphanumeric phrases consist of both letters and numerals, or characters. address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. representing the hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. of the transaction, rather than the corresponding wallet a place where cryptocurrency users can store, send and receive digital assets. address. A developer of Juno who spoke with CoinDesk explained that it was due to a copy and paste error.
As a result, when the code was executed this week, a programming error ended up moving 3 million JUNO tokens, worth USD $36 million, to a wrong address on the blockchain where no one, neither Asano nor the community, has access.
Governance! The solution is on its way
While the programmers may have copied the wrong address, the validators subsequently executed the proposal without realizing it. “ We screwed up big time”. said Daniel Hwang, chief protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. officer at stakefish one of Juno’s validators, to CoinDesk which summarizes that none of the more than 120 validators noticed the error.
“ LOL “ , commented Asano, for his part, in response to what happened. Previously, the investor had told the news outlet that he might take legal action against the company. Juno and their validators if they proceeded to revoke their funds.
However, it seems that all is not lost, and even though a millionaire’s tokens JUNO has been sent into the void, possibly not ending up in the pit of fortunes in cryptocurrencies that so far are lost forever .
As that news outlet points out, the community is now looking for a solution to recover the funds. Through a proposed update with a majority vote, the community is now looking for a solution to recover the funds. Juno could take action to “reverse” the transaction and finally send the money to the right address. The proposal for this appears to be on track to be approved, says CoinDesk and it’s hard to imagine that validators, developers and the whole community won’t triple-check the code the action of coding is to write programming statements for a program. this time.
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Article by Hannah Estefania Perez / DiarioBitcoin
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