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Kathleen Martin
Guest
A flaw in the most popular software used to verify transactions on the Ethereum network nearly triggered 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 effected users who hadn’t implemented an update meant to fix the mistake, said Maddie Kennedy, a spokesperson at the cryptocurrency research firm, Chainalysis.
“This could’ve been a big problem, but it isn’t,” Kennedy said.
About 75% of all users on the Ethereum network utilize Geth as a node to mine the blockchain’s native token, Ether, and to create software that runs functions such as decentralized applications.
At its worst, the split -- or fork -- could have caused a so-called double-spend attack where the same Ether cryptocurrency would have traded twice during any transaction or trade, according to the news site Decrypt. This would’ve created counterfeit currency and possibly a sharp drop in its value.
Continue reading: https://www.bloomberg.com/news/articles/2021-08-27/most-used-blockchain-averts-crisis-after-software-flaw-is-fixed
About half of the Ethereum ecosystem split into a separate chain after a bug in the Go Ethereum, or Geth, software effected users who hadn’t implemented an update meant to fix the mistake, said Maddie Kennedy, a spokesperson at the cryptocurrency research firm, Chainalysis.
“This could’ve been a big problem, but it isn’t,” Kennedy said.
About 75% of all users on the Ethereum network utilize Geth as a node to mine the blockchain’s native token, Ether, and to create software that runs functions such as decentralized applications.
At its worst, the split -- or fork -- could have caused a so-called double-spend attack where the same Ether cryptocurrency would have traded twice during any transaction or trade, according to the news site Decrypt. This would’ve created counterfeit currency and possibly a sharp drop in its value.
Continue reading: https://www.bloomberg.com/news/articles/2021-08-27/most-used-blockchain-averts-crisis-after-software-flaw-is-fixed
