Skip to main content

Ethereum is getting ready for its second hard fork

 

At this moment in time, Ethereum represents the basis of a popular digital currency, alongside with a decentralized platform meant to support apps that run as they are, without facing censorship, fraud or any form of third part interference.

 

However, during its reign so far, the network was forced to implement a hard fork, to prevent the theft of millions of dollars’ worth of DAO funds, after the systems had been hacked. Whenever a fork is suggested on the digital currency market, its purpose is to divide the supporters of two different ideas, and continue the branch which has the most supporters at the time of the fork.

 

Recent reports indicate that after the recent DDoS attack, Ethereum is planning to carry out another fork, in order to deal with the EIP150 gas cost changes being implemented. With this in mind, last month, on the 22nd of September, Ethereum representatives announced that the network was facing a strong DDoS attack, thus causing an immediate slow0down of the network. As the attacks have been quite crafty when it came down to finding vulnerabilities in the client implementations and protocol specifications, the only way to prevent future attacks like this would be to carry out a reparatory hard fork.

To prepare the network for its second hard fork, Ethereum made a couple of announcements, including:

 

To help minimize the effects of the recent attack, miners are encouraged to lower their gas limit to a total of 500k gas.

Once the fork is launched based on the EIP 150, version 1C, it will be put in effect starting with the block 2463000, thus repricing a couple of operations, and making them better respond to their particular computational complexity.

A second fork will be carried out moments later, right after revering the state-bloat that has been caused by the attacks. This one will also remove all accounts which are empty, lack code and have a balance and storage of 0.

It’s worth keeping in mind the fact that consensus for this hard fork has been reached, and that the Go Ethereum client will be released quite soon. The hard fork code has been kept under development during the last few days, and is currently facing testing and reviews. Once everything is confirmed as working properly, the Ethereum network will begin the hard fork, thus repairing the damage caused by the hackers. Fortunately, consensus is met this time, which means that another Ethereum Classic network won’t be brought back to life.

 

Once the hard fork is issued, the entire network is most likely to upgrade in the next 2-3 days. Although some bugs may be present for a while longer, each of them should be taken care of.

 

Based on everything that has been outlined so far, what do you personally think about the newest Ethereum hard fork? Let us know your thoughts in the comment section below.

Comments

Post a Comment

Popular posts from this blog

What is iDice?

iDice is a dice betting Dapp fueled by the use of the Ethereum organize. eg. iDice lets in players do several things and having such an innovative new token on the ETHEREUM Platform, we had to write an article about this new project. Guess on the space by the use of keeping up iDice tokens and best of all 100% of all benefit iDice acquires is dispersed among token holders, related to the amount of tokens they dangle. iDice amusement code is decentralized and changeless. Such gigantic building fees highlight a rising requirement for experienced, fair and cast Dapps. iDice iDice is an control which gives a provably affordable and simple, virtual Ethereum dice betting Dapp. The house edge will be set intensely and token holders have an atypical esteem that is dependably equiva- loaned to the house edge. iDice has a fully simple provide code accessible at etherscan.io. The payout of recreations is many times speedy. Provably Fair iDice uses open provide blockchain...
Post a Comment
Read more

Spanish Banks Form New Blockchain Consortium

A group of Spanish banks has formed the country's first blockchain consortium. Wholesale bank Cecabank announced the effort today, partnering with professional services firm Grant Thornton. Who's involved: In its announcement, Cecabank doesn't say which other institutions are taking part, stating that it "comprises 33% of the Spanish banking sector". However, according to Spanish newspaper El Pais, the group's membership includes Abanca, Bankia, CaixaBank, Kutxabank, Ibercaja, Liberbank and Unicaja. It represents the first major foray into blockchain for these companies, as other Spanish banks, including Banco Santander and BBVA, have been working with the tech for some time. What they're saying: Thus far, only Cecabank has commented publicly on the consortium effort, describing it as a way for its employees to get a top-down understanding of the tech – as well as possible insight into how the bank might actually go about using it. "Employees of all o...
Post a Comment
Read more

Ethereum Smart Contract Issues Frustrate Developers with Fatal Bugs

Only weeks after the execution of a hard fork to mitigate various DoS (denial-of-service) attacks, the Ethereum network and its developers are struggling to deal with yet another major flaw. This time, major issues in regards to smart contracts have emerged, which have rendered the efforts of decentralized applications in the Ethereum network purposeless. On November 1, the Ethereum development team and the founder of Solidity warned users and developers against a bug that allowed variables to be overwritten in storage. Variables in a smart contract are agreements made between two or more parties. Thus, if an attacker can gain access to the storage and alters the variables, crucial agreements in decentralized applications can be affected and funds may be extracted, which may pressure developers to discard previous smart contract-based projects to recompile contracts. Ethereum developers including Ansel Lindner stated that the development of an Ethereum application is failing to opera...
Post a Comment
Read more