$94,841.00
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0.00%$0.174696
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0.02%$0.933795
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0.00%$16.72
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0.06%$21.61
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-5.00%Reading
A bug on the EthereumEthereum blockchain’s most popular software client, Geth, has created a forkfork in the network. This means that the Ethereum blockchain is currently processing two chains simultaneously, which—if unresolved—could potentially cause a double-spend attack.
A double-spend attack means that the same cryptocurrency is spent twice, essentially turning a cryptocurrency into a counterfeit, inflating the asset and lowering its value.
The bug in question is only present in older versions of the client, or those that came before the Geth v1.10.8 update. The update is also called “Hades Gamma.”
Ethereum developers previously disclosed this bug on August 18.
PSA: On Tuesday Aug 24th, Geth will issue a hotfix to a high severity security issue. Please make any necessary preparations to upgrade to the upcoming release (v.1.10.8). #ethereum #geth
— Go Ethereum (@go_ethereum) August 18, 2021
An Ethereum client is a piece of software that users can download to verify transactions on the network. This software is used to run nodes, and the more nodes a network has, the more decentralizeddecentralized it is. The Bitcoin network has the most nodes at 11,858, according to Bitnodes.
At the moment, there are 5,289 Ethereum nodes. Of that sum, the Geth client is the most popular software at 3,947 users.
With 74% of the Ethereum network using the Geth client, and 73% of those users (2,858) using older versions of the Geth client, today’s bug has raised alarm bells among many in the crypto community. More than half of all nodes on Ethereum are affected by this bug.
While the bug was identified last week, and the Hades Gamma update was made available starting Tuesday, today’s chain split indicates that many users had yet to update their clients. "The bug is serious in that it caused a chain split, but the effects on the Ethereum mainnet were negligible given that the vast majority of clients had upgraded," Tim Beiko, an Ethereum core developer, told Decrypt.
The developer team behind the client, Go Ethereum, announced today that “the issue was resolved in the v1.10.8 release announced previously.” They again urged those using older clients to update.
A chain split has occurred on the Ethereum mainnet. The issue was resolved in the v1.10.8 release announced previously. Please update your nodes, if you haven't already!
— Go Ethereum (@go_ethereum) August 27, 2021
The Ethereum network has suffered similar forks in the past.
In April, the second-largest Ethereum client, Open Ethereum, suffered a bug in which the clients were not syncing with the network. This meant that nodes running this client were unable to use the blockchain until the error was fixed.
The Ethereum blockchain temporarily split today, caused by a dormant bug that had been partially fixed. The issues have since been largely resolved—but questions remain over the handling of the fix. The bug caused chaos because it affected the Ethereum infrastructure provider Infura. When the service went down, citing a “major issue,” many services that use Infura were left unable to interact with the blockchain. Many other nodes were also affected. But how did this all happen? According to Pét...
Ethereum forked again in November 2020 as users of Geth again failed to update their nodes following a key update. In each of these prior instances of a chain split resulting from nodes failing to update their software clients in time, the issue was resolved once users successfully updated their software.
Meanwhile, the price of ETH appears unaffected by today's controversy.
The cryptocurrency is up 3.7% over the past 24 hours and is currently trading hands at $3,243, according to CoinGecko.
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Zero-knowledge-powered blockchain system Miden has raised $25 million to spin out of Polygon Labs and grow its own ecosystem. The raise was led by a16z crypto, 1kx, and Hack VC, with participation from Finality Capital Partners, Symbolic Capital, and P2 Ventures, among other firms, according to a statement on Tuesday. Angel investors, including MakerDAO co-founder Rune Christensen, Aptos CEO and co-founder Avery Ching, and EigenLayer founder Sreeram Kannan, also pitched in. The funds will go...
On Monday, OpenAI announced a new set of upgrades for chatbot ChatGPT’s search experience, including a new shopping feature that allows users to find, compare, and buy products directly, without any sponsored placements. “Product results are chosen independently and are not ads,” OpenAI posted on X, alongside the announcement. The company revealed that ChatGPT handled over 1 billion web searches just in the past week, sharing the growth of a tool that was only officially added in November. With...
