The Concord staff has proposed mining ONE native tokens value as much as $4.97 billion to compensate victims of $100 million Horizon Bridge hack. The manufacturing is receiving vehement opposition from the neighborhood.
Concord’s New Proposal
The staff behind the Harmony blockchain challenge has proposed the minting of as much as 4.97 billion value of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.
The proposal has been met with a major quantity of backlash from members of the neighborhood, with many highlighting issues that such a big issuance of latest tokens would lead to inflationary strain on the asset and produce its worth down.
In its proposal the challenge states “labored tirelessly to brainstorm and develop paths in direction of reimbursing” to refund 65,000 wallets throughout 14 completely different property that have been affected by the hack.
In order that they supplied two choices that contain minting a number of billion ONE tokens by way of a tough fork to the Concord blockchain, which might be given to victims of the hack.
The primary choice supplied to present an estimated 100% reimbursement by way of $4.97 billion new ONE tokens, whereas the second choice estimates a 50% reimbursement with 2.48 billion ONE tokens over a three-year interval.
Damaging response from the neighborhood
The staff is awaiting neighborhood suggestions earlier than continuing ahead, however preliminary responses already seem like overwhelmingly detrimental, with most feedback on the neighborhood web page or on Twitter voicing robust issues with the concepts.
The neighborhood has additionally famous {that a} related technique of restoration was employed by the Terra eco-system following its $40 billion soften down in Could.
“That is completely rubbish, scrap the entire proposal and return to the drafting board Workforce!”
On the neighborhood web page, consumer BSKA wrote
The Concord layer-1 blockchain’s Horizon Bridge was used to steal $100 million in June.
The staff tried to supply a $1 million reward to the hacker who used the bridge to steal the cash later within the month, however the plan appeared to fail.
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