Major reorganization of blocks in altcoin network could cause blockchain to branch out
The Ethereum network experienced a major bug that affects about 54% of network nodes, writes The Block. According to the publication, the error was detected in old versions (v1.10.7 and below) of the Ethereum Geth network client. Nodes that were using older versions of the client were separating from the main Ethereum network.
Ethereum developers were notified of the consequences of the error back on August 24. They were alerted to this by Sentinel auditor Guido Vranken, who was inspecting the Ethereum virtual machine. The altcoin developers have since released an updаte that fixes the bug, but nodes must updаte their software to do so. Until then, they recommended refraining from conducting transactions.
The updаte avoided a major branching of the blockchain. An altcoin developer said on Twitter that most miners had updated their nodes, so the critical error did not result in a blockchain branching. Nodes that have not updated their software no longer have access to the main Ethereum network.
On August 5, the network released an updаte to London that completely changed the mechanism for charging commissions for transactions. Some of the commissions that miners used to receive as rewards are now burned off.
Since the updаte was activated, more than 109,500 Ethereums worth $353.5 million have been burned on the altcoin network, according to ultrasound.money, a service that tracks coin destruction on the altcoin network. The average burn rate per minute is 3.44 Ethereums.
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