After a crypto user lost 40 Ether due to a slightly wrong address, someone is seeking that there exists a DAO protocol that refunds users who mistakenly send Ethereum to wrong addresses that are 1-2 digits wrong.
The proposal erupted after an Ethereum user demanded help from the crypto community when he lost 40 ETHs to a wrong account mistakenly.
The crypto user said he copy-pasted a wrong address and forwarded the fund into it. Surprisingly, he noticed one or two differences in the number but could not reverse the fund.
The issue led to a complete loss of fund and now the Ethereum community are proposing a refund mechanism on the protocol.
The proponent of the idea, a Redditor by the name daso14, said solutions should be found to flaws like this in technology. He said the way the community deals with wrong addresses should be looked into.
The Reddit user said since Ethereum addresses are not check-summed at the protocol level, it means anyone who mistakenly changes a single-digit in his address sends his Ether to an “inaccessible address” and lose his fund forever.
He said it’s too late to do something to the tech at the protocol level and that won’t be possible this time.
One important solution is to “embed checksums on the representation of an address via uppercases,” however, it depends on the wallets doing the correct thing.
He said most exchanges will still give lowercase addresses and wallets do not enforce the checksummed format.
His new proposal is that the community make a DAO that refunds users who accidentally send fund to wrong address by 1-2 digits.
He mentioned that the idea could just be a simple smart-contract on main-net where users voluntarily deposit a small portion of their holdings.
Once any Ethereum users send funds to wrong addresses, he’s able to get a refund from the contract’s balance. The proposal states that only the sender whose addresses are 1-2 digits wrong receive such gesture.
To the Redditor, the issue is a huge usability mistake that can be life-changing if corrected. He referenced the Twitter user who lost 40 ETH due to a 1-digit wrong/off address.
He said the user who lost the money may be faulted for putting the funds he was not willing to lose in experimental technology, he wanted to know if it is ideal to keep referring to Ethereum as an experiment forever. He urged dev to shun lower case addresses and called on all to support his mitigating proposal.