• The plan additionally referred to as for a tough fork of the Concord community.
  • Concord thought of compensating the hack’s victims with the protocol’s native token.

The builders of the Harmony protocol have put up a brand new plan. With a view to retrieve the $100 million in stolen property from the Horizon Bridge in June.

Initially, Concord thought of compensating the hack’s victims with the protocol’s native token, ONE. Which might have required the minting of billions extra tokens. To spice up the variety of ONE token, the plan additionally referred to as for a tough fork of the Concord community.

The Concord staff initially supposed to make use of the muse’s funds to compensate the service’s customers. However after receiving a flood of damaging suggestions, they scrapped that concept in favor of one other.

In keeping with the builders, “with 0% minting,” the premise of the Concord blockchain is now the precedence after “listening to our validators and group.”

Concord said in a Medium publish:

“We suggest not minting extra ONE tokens nor altering our tokenomics with a hardfork of the protocol. As an alternative, we suggest deploying our treasury in direction of each restoration and growth.”

Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) have been among the many cryptocurrencies stolen and later exchanged for Ethereum, totaling over $100 million.

The staff added:

“Dedicated to constructing Concord for a few years, to leverage our chain’s distinctive scaling benefits of uniform sharding and notice our long run imaginative and prescient of community adoption and ecosystem progress.”

Concord has promised a extra complete replace describing the means to effectively use the monies offered for restoration “within the coming days.” On June twenty fourth, the Horizon bridge assault was disclosed by Concord, an organization with the aim to deal with the “blockchain trilemma” by putting a stability between scalability, safety, and decentralization.

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