Soon
- next Ethereum update will take place during the first week of August.
- Includes EIP-3529, a code update that eliminates gas refunds.
- This makes the gas tokens useless.
In view of the fork in London, the Ethereum update expected in the early hours of August 5, much of the conversation was about EIP-1559, a controversial code change that will burn transaction fees, taking some ETH out of circulation.
But those aren’t the only tokens the London update will drop.
Gas tokens like GST2 and CHI, used by developers to guarantee lower prices when implementing smart contracts, will become obsolete.
In the midst of coordinating for EIP-1559, I admit that we neglected communications on EIP-3529: reduction of refunds,
PSA: these tokens will not work on
Ethics describe the moral principles that guide an individual’s behavior or the way they perform an activity. Draw the line between what is morally good or bad and what is morally right or wrong. refore, it would be better to examine the different cryptocurrency scenarios to determine whether cryptocurrencies and blockchain technology are ethical for the company.
38.38% increase in cryptocurrency hacks from 2019 to 2020 is a prime example of its unethical nature. In 2020 alone there were $ 513 million of cryptocurrency hacks and thefts. While this does not fully represent ethics in cryptocurrencies and blockchain technology for society, it clearly shows some ethical traits in a frenzy. ethical impact of cryptocurrencies and blockchain technology depends on how people decide to use them.
What determines the ethics of blockchain technology and cryptocurrencies in a company?
Ethical issues in blockchain technology and cryptocurrencies arise when humans participate in decision making. That is why ethical standards of conduct support the different professions in society.
Blockchain technology and cryptocurrencies address important ethical issues, meeting society’s expectations regarding security, efficiency, privacy, and system integrity. That is, the need to mitigate or avoid immoral behaviors in a society such as robberies, fraud, scams, etc.
se problems are not new to blockchain technology or cryptocurrencies, but they have been fatal to its application. As a result, both can face considerable risks if they are not anticipated and addressed in a meaningful way.
Ethical issues in Blockchain technology
Similar to other fields such as medical research, blockchain technology, and cryptocurrencies face some ethical risks. In general, it is about exalting the potential of technology and therefore overpromising what it can offer. Unfortunately, several technology companies follow this path and tend to advertise “advancements” that, in most cases, are the opposite of that description. Is it ethical in a company? It is not. Many are being driven by money, ego, and other factors that contribute to demanding more than they can deliver.
Since the inception of Blockchain technology in the financial ecosystem, it has functioned as a technology to solve the ‘problem’ of government interventions in economic activities. Due to the decentralized nature of blockchain technology and cryptocurrencies, they address two major ethical challenges: fraud and scams. se challenges tend to destroy the efficiency of free markets. Brokerage institutions have the advantage of providing a supervisory measure that can effectively identify and limit misuse of the markets. In the long term, this can mitigate blockchain technology and cryptocurrencies for criminal and antisocial activities. However, this runs counter to the foundation on which cryptocurrencies were built: zero middlemen.
Recent unethical trends
A great example of exemption from mediation in a frenzy is the dark web. Many crypto enthusiasts applaud the degree of freedom blockchain technology offers. Regardless, some are skeptical of facilitating behaviors that violate the fundamental rules that founded a company. Unfortunately, cryptocurrencies based on blockchain technology are the most widely used medium of exchange in the more classified regions of the dark web.
For example, Ethereum is decentralized, but its consensus mechanism can create a centralized notion. For this reason, some core Ethereum developers participate in the decisions that are made on the Ethereum blockchain, which raises some ethical concerns in society.
In particular, after an accident in 2016, a notorious DAO hacker took advantage of the drain of almost a third of the $ 160 million in Ether raised on the Ethereum platform. To counter the problem, several core Ethereum developers have proposed a fork to restore the funds. Several Ethereum miners implemented this solution and altered the Ethereum code, which ultimately changed the immutable blockchain. remedy came from some people who successfully defended the hard fork, which was ethically good and fair.
Another example is a company called Parity that left a bug in its smart contracts, which gave a user the ability to take control of hundreds of wallets containing millions of dollars’ worth of Ether. When the user tried to remedy his actions, he caused $ 289 million worth of Frozen Ether. When the owners of the frozen Ether account rightly tried to push for a hard fork similar to the DAO hack, it was rejected. So instead, major Ethereum developers have chosen to freeze the $ 280 million. two examples are quite evident that human intervention in blockchain technology and cryptocurrencies can raise ethical concerns in society.
use of blockchain technology and cryptocurrencies by people on the dark web to engage in illicit and illegal traffic cast a negative shadow that proved difficult to remove. However, this sentiment stems from the legend of the 1970s cypherpunk movement that emerged with the goal of getting people to use a digital cash currency free from any government intervention. Instead, economic power would pass to individuals.
Silver lining
Cryptocurrencies also promote positive ethical motivations, such as when Ethereum co-founder Vitalik Buterin donated 50 billion Shiba Inu coins in May 2021. At the time, it was worth $ 1.2 billion donated to the Crypto Covid Relief Fund of India.
blockchain fraud cases also clouded the frenzy and proved unethical for the company. For example, in July 2020, certain high-profile accounts were compromised to promote a Bitcoin scam. scam aimed at giving back to the company succeeded as a paper trail was missing which paved the way for scammers to steal funds. Cryptocurrencies and blockchain technology have had their share of negative society ethics, such as the July 2020 scam, where the value of the scam has not been determined to date.
conclusion
Cryptocurrencies have been around for more than a decade and it may not be clear whether they are ethical for society or not ideal. However, some cases, such as the theft of almost $ 500 million in digital tokens in Tokyo, describe some unethical values related to cryptocurrencies and blockchain technology. On the other hand, other cases in which cryptocurrencies are used for charitable donations have a positive ethical impact on society. refore, if cryptocurrencies and blockchain technology are ethical for society, society comes down to how people use them to impact society at large.
Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.
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