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Largest Cryptocurrency Network Ethereum Splits into 2 Chains

Published Sat, Sep 04 2021 08:23 am
by The Silicon Trend

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Largest Cryptocurrency Network Ethereum Splits into 2 Chains

A network patch created to fix the Geth network bug has led to the world's biggest cryptocurrency - Ethereum-splitting into 2. The split occurred when the older Go Ethereum (Geth) nodes failed to upgrade to the Hades Gamma patch. The patch was launched after a bug was identified in the 1.10.7 Ethereum network version.

 

Go Ethereum or Geth Network

Geth network publicized the blockchain split on Twitter stating, a chain split has taken place on the Ethereum mainnet & its complete resolution of security vulnerabilities with its 1.10.8 versions. It asked people to update their nodes to the current version if they haven't. Until the resolution of the split, it remains a huge concern for investors or Ethereum-based applications. The data on the chain is stored on the network in the transaction chain; as they become verified, the transactions are added to the digital ledger. The increase in the 'double sending' chance permits a person to misrepresent how much is in the wallet. 

 

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Attack on Ethereum Network

A single chain split into 2 results in the non-verification of most transactions by all the nodes. This result is a 51% attack, where an entity control majority of the proof-of-work blockchain hash rate to subvert it for their gain. A severe malicious attack happened in August 2020 on Ethereum Classic - disrupting over 10K blocks, costing a fortune in losses. Recently, the Bitcoin SV network suffered 5 51% attacks between June & August.

The split impact will be minor as more nodes are updating to the 1.10.8 version regularly. The security lead for Ethereum Foundation - Martin Swende, posted, "A consensus bug hit #ethereum mainnet today, exploiting the consensus- a bug that was fixed in geth v1.10.8. Fortunately, most miners were already updated, & the correct chain is also the longest (canon). PSA: Update to v1.10.8!"

The founder of Yearn Finance - Andre Cronje, advised his Twitter follower adding, fork between older & latest geth on mainnet, stay away from doing transactions till the issue is fixed.

 

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image credit: Unsplash