A recent unexpected fork of the Ethereum (ETH) network has caused headaches for its investors. By now, you may have heard or heard the term hard fork many times, which is a controversial way to update a public blockchain. Some believe that hard forks are a necessary means of updating a blockchain network, while others believe that they are undesirable on the grounds that they break consensus and require everyone on the network to update to a new blockchain if they want to continue participating. Ethereum (ETH) has executed three hard forks in the past few months to address its technical debt, but the latest fork is different because it was not executed with a purpose. The problem at hand is that two of Ethereum’s most popular protocols, Geth and Parity, had a minor disagreement over the execution of a recent technical hard fork, which resulted in an unexpected chain split on Thanksgiving Day. As a result, the price of ether has fallen to its lowest point since April, and Petar Zivkovski, operations director of Bitcoin leverage trading platform whaleclub, called the new challenges an "identity crisis." In the middle of summer, The DAO collapsed due to a hacker attack, and the following months were difficult for smart contract platforms. However, Ethereum developers remain optimistic, viewing the unexpected fork on Thanksgiving as another learning experience and opportunity to make the Ethereum network better. Developer ResponseAccording to people involved in the Ethereum (ETH) project, the team is currently looking for measures to prevent similar incidents from happening in the future.
Therefore, they want to ensure that they can respond quickly in similar situations.
He also added that the team is working on a “post-mortem” report outlining lessons learned from various ethereum vulnerabilities, which they aim to make available to the public soon. Hudson Jameson, head of media relations at the Ethereum Foundation, revealed that developers also plan to thoroughly examine the Ethereum Improvement Proposal (EIP).
Repair split forks Ethereum’s recent technical hard fork, Over the past week, Ethereum developers have used this new feature to delete all related empty accounts, a process that was officially completed on Wednesday. But in the This is also the reason for the slight disagreement between Geth and Parity. Geth deleted the empty account, but Parity did not, causing the Ethereum (ETH) network to temporarily split in two. The latest version of Geth fixes this problem.
Additionally, Buterin attributed the problem to Geth, but other developers disagreed.
Despite some minor infighting among Ethereum developers, the Ethereum community still sees it as an opportunity for growth. The ‘threat’ of blockchainHowever, some believe that the issue of forks will continue to affect the ambitions of smart contract blockchains. For some, the above issue can be traced back to a debate between the anonymous creator of Bitcoin six years ago.
One potential "threat" is that every client on the network needs to maintain nearly identical functionality, even if they are written in different languages. If a bug occurs (such as Ethereum's recent fork, which was caused by a minor disagreement over the deletion of empty accounts), the network could split. Chromaway co-founder and CTO Alex Mizrahi recently wrote that while multiple versions of forks can be considered a good thing in other cases, the risk of falling prices may indicate that it is not suitable for cryptocurrency. To some, a fork is an inevitable outcome, but since Bitcoin and Ethereum are seen as competing, it is difficult to determine the honesty behind this analysis. Since Ethereum does not have a broad user base, it is unlikely to affect many people. In this case, miners who accidentally continue to mine the "wrong" chain may have a lot to lose. Transactions sent by anyone on the wrong chain may not be completed. Finally, a similar incident on a more widely used platform would likely be more concerning. |
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