Ethereum Community Talks DAO for Returning Funds Sent to Wrong Addresses

By May 21, 2020Ethereum
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Ethereum Community Considers DAO for Returning Funds Lost to Wrong Addresses

A proposition for the creation of a dedicated decentralized autonomous organization, or DAO, has sparked debate within the Ethereum (ETH) community. The goal of this DAO would be to refund Ethereum users who have mistakenly directed their funds to a wrong address, if the address contains less than three incorrect characters.

The proposition appeared as a response to a user asking for help from the r/Ethfinance community on Reddit after claiming to have lost 40 Ether as a result of a single mistaken alphanumeric character entered into the receiving wallet’s address.

ETH user sends 40 Ether to wrong address

On May 6, user daso14 requested help regarding a transfer of 40 Ether for which one of of the alphanumeric characters corresponding to their wallet address had purportedly been incorrectly copied onto his computer’s clipboard.

Responding to this, Reddit user conn6614 proposed the creation of a mechanism to refund Ether which is accidentally sent to a wrong address.

On May 16, Redditor SrPeixinho suggested a solution to the issue of the ease with which funds can be irreversibly lost due to a single mistyped character which is a DAO created “to refund users that accidentally sent their Ether to the wrong address by 1-2 digits.”

Community debates refund DAO proposition

The DAO would be “a simple smart-contract deployed on main-net,” to which the community would donate Ether. The DAO would verify misplaced transactions with less than three accidental inputs, and divert a percentage of the lost money to users from its smart contract.’

The proposition has started active discussion on Reddit, with many users speaking in favor of the introduction of checksums.

Other Redditors stressed that the slowly rising popularity of Unstoppable Domains’ .crypto and .eth domain addresses to eradicate potential fat-finger errors.

A proposition for the creation of a dedicated decentralized autonomous organization, or DAO, has sparked debate within […]

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