Poly Network has written to the White Hat: hopes to receive the private key and invites participation in the project's decentralization process
TechFlow Selected TechFlow Selected
Poly Network has written to the White Hat: hopes to receive the private key and invites participation in the project's decentralization process
The assets in Poly Network do not belong to us, but to the users. We have already sensed the panic among many users about losing control over their assets.
Navigating Web3 tides with focused insightsOn August 18, Poly Network released an open letter addressed to "Mr. White Hat," stating that they share a common vision with the white hat and expressing hopes for collaboration. The first step could be designating the previously mentioned 160 ETH bounty as a security fund managed by Mr. White Hat, to reward future contributors who make outstanding contributions to industry security. The letter emphasized that assets within Poly Network do not belong to the project team but to its users, and urged Mr. White Hat to provide the private key so affected user assets can be restored promptly, alleviating widespread concern.
Full text of the open letter:
Hello, Mr. White Hat:
Based on your recent public statements, we believe you and Poly Network share the same vision — to build a secure, transparent, and decentralized protocol in the blockchain world. If in the future we could move forward together in some way, it might become a groundbreaking attempt for the entire industry. We suggest that the first step of this cooperation could be turning the previously mentioned 160 ETH bounty into a security fund, managed by an address under your control (for example: 0xA87fB85A93Ca072Cd4e5F0D4f178Bc831Df8a00B?) to reward those who will make exceptional contributions to industry security in the future.
Blockchain is a brand-new world, yet already deeply connected to many people's lives. Since this incident occurred, our team has been working around the clock to restore Poly Network’s normal operations as quickly as possible, because many projects and users rely on Poly Network’s services. We aim to minimize the impact on them, so safely restoring our network as soon as possible is currently our top priority. The assets within Poly Network do not belong to us — they belong to the users. We have already sensed the anxiety among many users about losing control over their assets. We sincerely hope you can provide the private key to help us restore affected user assets promptly and ease this collective anxiety.
We are also a group of people who hold strong beliefs in blockchain technology — which is exactly why we initiated Poly Network. We firmly believe blockchain is not merely a new technology, but also a new philosophy and a novel form of collaboration.
We hope Poly Network can become infrastructure for Web 3.0, enabling interoperability among different ledgers in the future blockchain world. Before this incident, we had already decided to upgrade Poly Network into a fully decentralized network — a major evolution scheduled two months from now. Attached below is our publicly released code: https://github.com/polynetwork/Zion, which outlines our new consensus mechanism, protocol architecture, and token economic model.
This was originally planned to be announced during the one-year anniversary event of Poly Network's mainnet launch on August 18, but we are fully prepared to announce it ahead of schedule. With this, you can see that each of us is already moving toward the same goal.
Yet at the same time, we also believe that Rome wasn't built in a day.
Poly Network is a complex system, as achieving interoperability across heterogeneous blockchains is a completely new endeavor. For the upcoming upgrades that remain incomplete, we need sufficient time. Therefore, we temporarily retain the upgrade privileges of the relay chain validators, until this upgrade is completed. Afterward, the new Poly Network will operate in a fully decentralized manner.
Of course, we fully understand your concerns. Thus, we propose whether the upgrade authority could instead be determined via multi-signature control among the relay chain validators.
No great protocol is built overnight. Our original intention in building Poly Network was to create a protocol for everyone — which is also why we entered the blockchain world in the first place.
Therefore, we hope more individuals who share this vision will join us. We sincerely invite you to participate in Poly Network’s decentralization journey and serve as an important future governor of the protocol, contributing to its long-term security.
Perhaps the current version of Poly Network is not perfect from a decentralization standpoint, but we hope you can understand both our project roadmap and the urgency felt by users. We believe after this incident, the Poly Network team and you can discuss the upgrade plan not only from a security perspective, but also through broader collaboration — allowing us to jointly shape Poly into a better, safer, and more open system.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
