A double-spend attack might be prominent as a bug on the most popular Ethereum blockchain client, Geth, which creates a fork in the network. At the moment, the blockchain is simultaneously processing 2 chains.
Double-spending attacks would have the same cryptocurrency spent twice, which is bad as it’ll result in crypto turning into a counterfeit, essentially inflating the asset and subsequently lowering its value.
As for the bug, it’s only really present in an older version of Geth, or any version that came before the v1.10.8 update. The update is named “Hades Gamma”. Developers of Ethereum disclosed this bug originally on August 18th.
74% of the Ethereum network is using the Geth client, and 73% (which is 2,858) users are still using older versions of it. The bug has naturally caused all sorts of problems and has made a great many people within the industry anxious, to say the least. More than half of all nodes are affected by this bug, which is huge.
Though the bug was identified last week, and despite the fact that the Hades Gamma update was rolled out on Tuesday, the chain split obviously shows that many of these clients haven’t yet made the jump to the newer version. Technology can be tricky like that, and in many cases, it’s recommended to wait for updates lest they mess up the software you’re using due to unknown bugs. This, however, is not one of those cases.
The developer team urged people to make the shift and update their clients after addressing the issue. “The issue was resolved in the v1.10.8 release announced previously,” the team said.
Not Ethereum’s First Rodeo
This fork in the network isn’t a first-time occurrence.
Open Ethereum suffered a bug back in April wherein clients weren’t syncing with the network. Basically, the nodes running the client weren’t able to use the blockchain until of course, the issue was resolved. In November 2020, Ethereum forked once more as Geth failed to update their nodes right after an important update.
On a positive note, the takeaway here was when these bugs hit, users were able to circumvent the problem by successfully updating their clients. It should more than likely be the same outcome once they update their Geth client version here, too.
Ethereum prices are pleasantly unaffected by today’s little ruckus, however. The digital currency is up 3.7% for the past day and is trading hands at $3,243 if a report from CoinGecko is to be believed.