Most used blockchain averts crisis after software flaw is fixed – Economic Times

A flaw in the most popular software used to verify transactions on the Ethereum network nearly triggered a crisis for the worlds 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 hadnt implemented an update meant to fix the mistake, said Maddie Kennedy, a spokesperson at the cryptocurrency research firm, Chainalysis.

This couldve been a big problem, but it isnt, Kennedy said.

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 wouldve created counterfeit currency and possibly a sharp drop in its value.

Fortunately, most traders using Geth swiftly upgraded their systems, allowing most of the blockchain to remain on the primary network, instead of pivoting to the forked version, said Kennedy.

Ether rose for the first time in four trading sessions during New York hours, gaining about 4.6% to $3,272. The second-largest cryptocurrency by market value after Bitcoin has surged more than 300% this year.

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Most used blockchain averts crisis after software flaw is fixed - Economic Times

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