Ethereum Faces Hard Fork Yet Again
- Posted on Oct 19, 2016
Less than three months after the Ethereum community executed the hard fork to return the funds lost to the hacker, they face another situation of the same type. In the first attack, the hacker made off with The DAO funds amounting to $40 million of Ether. Ethereum hard-forked the account and recovered the entire amount.
Yet Another Ethereum Hard Fork Imminent
Now, Vitalik Buterin, the creator of Ethereum was of the opinion the platform developers would have to use a hard fork again to tackle the multiple attacks by hackers. These hacking attacks were of the nature of denial of service attacks which caused several crashes of the nodes. All transactions slowed down making thing difficult for the traders and miners. They have paused the Ether deposits at ShapeShift and Kraken Exchanges.
Gas the cause for the concern
Gas is one of the criteria for the pricing structure. Due to the low price of certain opcodes, the attacker can easily disrupt the network. The new structure will seek to put into effect higher gas prices with incentives for non-disruptive actions to the network. Ethereum suggested lowering the gas limit to 500K.
They propose to begin the hard fork version EIP150 at the block 2463000. After this happens, another fork will come into effect. This fork will work to remove empty accounts and those without balance or code. The gas prices for certain opcodes will rise 20 to 50 times. The community is more concerned with the attitude Ethereum has towards security. Buterin sees this expansion of the gas market as the possible solution to the problem.
Attacks should stop
The next fork will improve security, a change that the bitcoin community welcomes. The Ethereum developers see the fork as uncontroversial. However, it raises more questions in the minds of the public whether further attacks will happen and how Ethereum could alter its immutable ledger.
The seemingly records of transactions moved after the attack. This raises questions in the minds of the people whether the records are safe.