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      "body": "Sometimes as a community, we have to take a moment and look at the past in order to find a solution for our present day troubles because history always repeats itself. \n\nTake the case of the Parity “hack” which saw 280 million dollars worth of ether frozen due to the “unintentional” exploit that was caused by a crypto newbie. The exploit was a kill switch that deleted the code library which corresponded with the affected Parity wallets. This rendered the software useless and left many crypto start-ups without funds. This event has quickly created a divide within the Ether community due to the different options that have been suggested as remedies to rectify the issue and help out the affected companies. The most controversial suggestion has been a hardfork of the Ethereum network in order to unlock the frozen funds. However, this suggestion has not gone down well with many members of the community.  \n\nWe can easily find a correlation between this event and an event that occurred hundreds of years ago to the Yapese on the island of Yap. The Yapese are a society that used large lime stone disks as their official currency.\nCenturies ago, Yapese explorers journeyed across the ocean in bamboo canoes to the island of Palau, where they encountered limestone for the first time. After negotiations with the people of Palau, the Yapese established a quarry and used shell tools to carve disc-shaped stones that they named “Rai.” \n\nThe stones varied in diameter from a few inches to 12 feet and weighed up to 4 tons. A hole punched into the centre of each disc allowed the explorers to carry the larger stones (Rai) to their bamboo canoes using poles. Manoeuvring the Rai into the boats and keeping afloat during the long journey home, was a much more treacherous undertaking. \n\n ![](https://steemitimages.com/DQmUHFcKF4g2Qugkt4QLTPvz6MW2phkBBCa5hEKgkyey5xh/image.png)\n\nDue to the difficulty associated with obtaining a Bitcoin Rai, its value within the community increased and the people of Yap decided to have it as a medium of exchange and a store of value (money). The Rai was really valuable and one wouldn't use it for everyday purchases but instead use it for big occasions such as weddings, political deals and such.  \nOne time, according to the island's oral tradition, an expedition was returning to the island with a giant Rai stone on a Parity boat boat. Just before they got back to the island, they hit a buggy code big storm which froze flipped the boat and the stone wound up at the bottom of the ocean. The crew made it back to the island and told everybody what happened. The Yapese then decided that the Rai at the bottom of the ocean was still valid and instead of a hard fork they continued acknowledging it during trade deals, even though it was at the bottom of the ocean.\nTill this day, someone still owns a stake in this submerged piece of Rai, even though it has not been seen for hundreds of years.\n\nTaking a leaf from the Yapese, I suggest we keep things simple and avoid implementing a hard fork in order to recover the lost funds. I believe it would be much simpler to create an official token pegged to and backed by the funds in the Parity wallet 1-to-1. These tokens would be issued to the affected parties in order for them to continue business as usual. \n\nThe fact is that we all know the funds still exist and we can verify the total amount in the multisig wallet. This information can be used to confirm the total circulating supply. The token can be named the “Parity Frozen Funds Token” (PFFT) or Parity Lost Funds Token (PLFT). The token can also have a futures market before its release because of course, it’s not a “good proposal” if it does not have pre-launch hype. I mean, how hard can this be? If the Yapese could do it hundreds of years ago, why can’t we with all our “high-tech” internet stuff? \n\nThis proposed solution can also be used across other use cases such as events where a hodler passes on before sharing their private keys with their heir.",
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      "body": "Sometimes as a community, we have to take a moment and look at the past in order to find a solution for our present day troubles because history always repeats itself. \n\nTake the case of the Parity “hack” which saw 280 million dollars worth of ether frozen due to the “unintentional” exploit that was caused by a crypto newbie. The exploit was a kill switch that deleted the code library which corresponded with the affected Parity wallets. This rendered the software useless and left many crypto start-ups without funds. This event has quickly created a divide within the Ether community due to the different options that have been suggested as remedies to rectify the issue and help out the affected companies. The most controversial suggestion has been a hardfork of the Ethereum network in order to unlock the frozen funds. However, this suggestion has not gone down well with many members of the community.  \n\nWe can easily find a correlation between this event and an event that occurred hundreds of years ago to the Yapese on the island of Yap. The Yapese are a society that used large lime stone disks as their official currency.\nCenturies ago, Yapese explorers journeyed across the ocean in bamboo canoes to the island of Palau, where they encountered limestone for the first time. After negotiations with the people of Palau, the Yapese established a quarry and used shell tools to carve disc-shaped stones that they named “Rai.” \n\nThe stones varied in diameter from a few inches to 12 feet and weighed up to 4 tons. A hole punched into the centre of each disc allowed the explorers to carry the larger stones (Rai) to their bamboo canoes using poles. Manoeuvring the Rai into the boats and keeping afloat during the long journey home, was a much more treacherous undertaking. \n\n ![](https://steemitimages.com/DQmUHFcKF4g2Qugkt4QLTPvz6MW2phkBBCa5hEKgkyey5xh/image.png)\n\nDue to the difficulty associated with obtaining a Bitcoin Rai, its value within the community increased and the people of Yap decided to have it as a medium of exchange and a store of value (money). The Rai was really valuable and one wouldn't use it for everyday purchases but instead use it for big occasions such as weddings, political deals and such.  \nOne time, according to the island's oral tradition, an expedition was returning to the island with a giant Rai stone on a Parity boat boat. Just before they got back to the island, they hit a buggy code big storm which froze flipped the boat and the stone wound up at the bottom of the ocean. The crew made it back to the island and told everybody what happened. The Yapese then decided that the Rai at the bottom of the ocean was still valid and instead of a hard fork they continued acknowledging it during trade deals, even though it was at the bottom of the ocean.\nTill this day, someone still owns a stake in this submerged piece of Rai, even though it has not been seen for hundreds of years.\n\nTaking a leaf from the Yapese, I suggest we keep things simple and avoid implementing a hard fork in order to recover the lost funds. I believe it would be much simpler to create an official token pegged to and backed by the funds in the Parity wallet 1-to-1. These tokens would be issued to the affected parties in order for them to continue business as usual. \n\nThe fact is that we all know the funds still exist and we can verify the total amount in the multisig wallet. This information can be used to confirm the total circulating supply. The token can be named the “Parity Frozen Funds Token” (PFFT) or Parity Lost Funds Token (PLFT). The token can also have a futures market before its release because of course, it’s not a “good proposal” if it does not have pre-launch hype. I mean, how hard can this be? If the Yapese could do it hundreds of years ago, why can’t we with all our “high-tech” internet stuff? \n\nThis proposed solution can also be used across other use cases such as events where a hodler passes on before sharing their private keys with their heir.",
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      "body": "Sometimes as a community, we have to take a moment and look at the past in order to find a solution for our present day troubles because history always repeats itself. \n\nTake the case of the Parity “hack” which saw 280 million dollars worth of ether frozen due to the “unintentional” exploit that was caused by a crypto newbie. The exploit was a kill switch that deleted the code library which corresponded with the affected Parity wallets. This rendered the software useless and left many crypto start-ups without funds. This event has quickly created a divide within the Ether community due to the different options that have been suggested as remedies to rectify the issue and help out the affected companies. The most controversial suggestion has been a hardfork of the Ethereum network in order to unlock the frozen funds. However, this suggestion has not gone down well with many members of the community.  \n\nWe can easily find a correlation between this event and an event that occurred hundreds of years ago to the Yapese on the island of Yap. The Yapese are a society that used large lime stone disks as their official currency.\nCenturies ago, Yapese explorers journeyed across the ocean in bamboo canoes to the island of Palau, where they encountered limestone for the first time. After negotiations with the people of Palau, the Yapese established a quarry and used shell tools to carve disc-shaped stones that they named “Rai.” \n\nThe stones varied in diameter from a few inches to 12 feet and weighed up to 4 tons. A hole punched into the centre of each disc allowed the explorers to carry the larger stones (Rai) to their bamboo canoes using poles. Manoeuvring the Rai into the boats and keeping afloat during the long journey home, was a much more treacherous undertaking. \n\n ![](https://steemitimages.com/DQmUHFcKF4g2Qugkt4QLTPvz6MW2phkBBCa5hEKgkyey5xh/image.png)\n\nDue to the difficulty associated with obtaining a Bitcoin Rai, its value within the community increased and the people of Yap decided to have it as a medium of exchange and a store of value (money). The Rai was really valuable and one wouldn't use it for everyday purchases but instead use it for big occasions such as weddings, political deals and such.  \nOne time, according to the island's oral tradition, an expedition was returning to the island with a giant Rai stone on a Parity boat boat. Just before they got back to the island, they hit a buggy code big storm which froze flipped the boat and the stone wound up at the bottom of the ocean. The crew made it back to the island and told everybody what happened. The Yapese then decided that the Rai at the bottom of the ocean was still valid and instead of a hard fork they continued acknowledging it during trade deals, even though it was at the bottom of the ocean.\nTill this day, someone still owns a stake in this submerged piece of Rai, even though it has not been seen for hundreds of years.\n\nTaking a leaf from the Yapese, I suggest we keep things simple and avoid implementing a hard fork in order to recover the lost funds. I believe it would be much simpler to create an official token pegged to and backed by the funds in the Parity wallet 1-to-1. These tokens would be issued to the affected parties in order for them to continue business as usual. \n\nThe fact is that we all know the funds still exist and we can verify the total amount in the multisig wallet. This information can be used to confirm the total circulating supply. The token can be named the “Parity Frozen Funds Token” (PFFT) or Parity Lost Funds Token (PLFT). The token can also have a futures market before its release because of course, it’s not a “good proposal” if it does not have pre-launch hype. I mean, how hard can this be? If the Yapese could do it hundreds of years ago, why can’t we with all our “high-tech” internet stuff? \n\nThis proposed solution can also be used across other use cases such as events where a hodler passes on before sharing their private keys with their heir.",
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