A bug in the most popular software used to verify transactions on the Ethereum network almost created a crisis for the world’s most widely used cryptocurrency blockchain.
About half of the Ethereum ecosystem split into a separate chain after a bug in the Go Ethereum or Geth software affected users who hadn’t implemented an update to fix the bug, said Maddie Kennedy, a spokeswoman for the Cryptocurrency research firm. Chain analysis.
“That could have been a big problem, but it isn’t,” said Kennedy.
Approximately 75% of all users on the Ethereum network use Geth as a node to mine the blockchain’s native token, Ether, and to create software that performs functions such as decentralized applications.
In the worst case, the split – or fork – could have caused a so-called double-spend attack, in which the same ether cryptocurrency would have traded twice during each transaction or trade, according to the Decrypt news site. This would have led to counterfeit money and possibly a severe loss in value.
Fortunately, most traders using Geth have quickly updated their systems so that most of the blockchain can stay on the primary network instead of switching to the bifurcated version, Kennedy said.
While the parallel network still exists, it will eventually go away as more Geth users upgrade their systems, she added.
Ether rose for the first time in four trading sessions during the New York Hours, up about 4.6% to $ 3,272. The second largest cryptocurrency by market value after Bitcoin is up more than 300% this year.
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