Ethereum Hard Fork: Untested Code Put Investors at Risk
The Ethereum hard fork, executed to prevent future hacks like the DAO fiasco, marks the first Ethereum bailout, according to Frances Coppola, a finance, banking and economics journalist, writing in Forbes. The Ethereum community needed the hard fork to prevent future hacks because the code wasn’t properly tested to begin with, disproving the claim of “immutability.” The majority of Ethereum miners had invested in DAO, so it’s no surprise they supported the hard fork since it allowed them to recover their investments. Those who objected on the grounds that the hard fork eliminated the....
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The Ethereum network’s hard fork, which many believed was an operation of risk, was carried out smoothly. On July 20, the Ethereum network successfully completed a hard fork as a result of an irregular state change that transferred nearly 12 million ether from the DAO into the WithdrawDAO recovery contract. The Ethereum network’s hard fork, which many believed was an operation of risk, was carried out smoothly. “The fork itself took place smoothly, with roughly 85% of miners mining on the fork,” explained Ethereum co-founder Ethereum. The successful completion of the Ethereum hard fork....
Not only Ethereum (ETH), the public blockchain based on smart contracts, has been under Distributed Denial of Service attacks lately. Ethereum Classic (ETC), a blockchain launched on the Ethereum code, has been under a similar attack. Some of the attacks were specific to ETH, while some affected both chains. The attacks made both networks barely usable. Ethereum hard-forked Monday. Ethereum Classic hard forks October 25. “There was only so much that could be done by fixing the clients without making backwards-incompatible changes,” Ethereum Classic project coordinator Arvicco Arvicco told....
Though Coinbase has warned its users about Ethereum network instability and some Bitcoin experts have begun to criticize the its security measures, the planned Ethereum hard fork at block 2463000 will still go as expected. According to Kraken Exchange, the fork which will introduce “changes to help protect against the recent DOS attacks on the network,” which will expectedly be reached on Tuesday October 18th 2016 PDT and it may pose a little risk for Ethereum Classic users. “The fork is expected to go very smoothly with the DOS-protected fork quickly becoming the dominant chain while the....
Decisions like these are a pivotal moment in the history of cryptocurrency. Once the hard fork goes into effect, the markets will respond to whatever comes next. The Ethereum hard fork continues to be a significant topic of debate among cryptocurrency enthusiasts. Many people have voted for this decision, to bail out The DAO and its developers. But some voices raise the concern of how Ethereum developers are forcing the community to make this decision. An exciting time dawns for Ethereum, and this debate seems to be far from over. Relying on a hard fork of source code to solve a....
Ethereum creator Vitalik Buterin has addressed the no-fork blockchain Ethereum Classic which follows the protocols and consensus based on the Ethereum platform prior to the recent hard fork. In a telling statement via a blog post today, Ethereum creator Vitalik Buterin revealed that the foundation that continues to develop and support the Ethereum blockchain will commit to the hard fork decision taken by miners. Buterin called the hard fork community consensus as an “admittedly difficult” decision. Buterin also added that the foundation will not oppose or hinder any efforts to use the....