The majority of users of the world’s largest decentralized currency, the ETH (Ethereum) coin, have not updated to the latest version of the protocol, resulting in a network fork. Despite a late repair to the client Geth on Tuesday, users did not update to the new version until Wednesday morning.
A bug generated a network fork which might potentially result in an ETH (Ethereum) currency attack. This means that the value of each chain is saved on two different chains, which could cause a double-spending when something goes wrong.
A double-spending attack means that the same cryptocurrency is used twice, mainly making it a fake. The bug is only available in old client versions or those that occurred before the update of Geth v1.10.8.
The more nodes a network has is the more decentralized it is. The Bitcoin network has the most nodes with 11,858. An Ethereum client is a software package that may be downloaded to validate network transactions and is utilized for running nodes.
This bug affects over half of all Ethereum network nodes, 74 percent of which have networks using the Geth client and 73 percent of those that use older versions. Currently, there are 5 289 nodes on the internet, of which 3,947 are affected by the bug.
A bug in the mainnet of the Ethereum network has caused a chain split. Many users had yet to update their customers, causing the chain to be affected by the bug. The impact of the hack was insignificant, given the fact that most customers had already updated their systems. They urged people who use older customers to upgrade to the newest platform version and do not depend on older computers or older software versions.
Not the first division of Ethereum
In the past, forks were the same in the Ethereum network. In April, Open Ethereum, the second-biggest client at Ethereum has a bug that didn’t synchronize the clients to the network. This means that client’s nodes could not use the blockchain until the bug has been remedied.
In November 2020 Ethereum forked again as Geth users failed to update their nodes after an important update. The problem was resolved in each of these previous instances of a divided chain due to nodes failing to update their software customers in time after users updated their software effectively.
In recent data by Crypto.co, ETH (Ethereum) is now at $3,179.23 with a market cap of more than $374B.