Tim Beiko, an Ethereum Foundation lead developer, has broken the silence on the proposed plan to rollback the ETH network. In what he categorized as the ELI5 explainer to non-technical community members, Beiko explained why a rollback is impossible.
Historical Trend Behind Chain Rollback
The conversations around potential Ethereum rollback followed the $1.4 billion Bybit hack. With over 401,000 ETH siphoned on-chain, top industry leaders are now advocating for a chain halt to reverse the transactions.
According to Tim Beiko on X, the rollback trend is not a new trend. He returned to memory lane, noting that they started with Bitcoin in 2010. At the time, a client software minted 184 billion Bitcoins in block 74638. At the time, it was easy for Satoshi Nakamoto to deploy a software patch to address the bug.
Also, TheDAO, an Ethereum protocol, suffered a hack in which bad actors siphoned approximately 15% of all ETH it had in custody. Luckily, at the time, there was a fail-safe system w
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