Ethereum Price Still Under Pressure While Eth Node Operators Update Software After Constantinople Delay

Ethereum Price Still Under Pressure while Eth Node Operators Update The Software After Constantinople Delay

Yesterday was the day when Ethereum’s Constantinople hard fork has to be implemented, however, due to a vulnerability found by the smart contracts audit firm ChainSecurity as part of the Ethereum bug bounty program put the things on hold.

The hard fork which is pushed forward and won’t be happening this week was a joint decision by the Ethereum stakeholders, client developers, security researchers, smart contract owners and developers, node operators, dapp developers, and wallet providers among other key members.

The delay has been due to a Reentrancy attack that would have come into effect after the Constantinople hard fork. This issue was found in one of the five proposed Ethereum Improvement Protocol (EIP)s.

The EIP in question here was EIP 1283: Net gas metering for SSTORE without dirty maps. Written by Wei Tang, this protocol enables new usages for contract storage and reduces excessive gas costs where it doesn't match how the most implementation works.

As for why this improvement protocol cannot be removed, Afri Schoedon, Ethereum’s core developer stated that it would “introduce too much complexity that cannot be tested and confidently be released within 36 hours.”, an open-source interface for the blockchain further clarified why it couldn’t be detected sooner,

“It isn’t found by auditing the EIP or Geth or Parity. It is found by auditing every existing contract while that contract is on an already-updated chain. Or by researchers imagining what devs could write that could be inadvertently exploitable.”

Due to the vulnerability, the Parity team and Geth team released a software version that all node operators need to update. People who only intersect with the Ethereum including Parity Signer, Ledger, MyCrypto, Trezor, and MyEtherWallet need not do anything. Schoedon announced that,

“In the last 12 hours, 10335 users upgraded their Parity Ethereum nodes to 2.2.7 stable (76%) or 2.3.0 beta (24%). Most of them use GNU/Linux (95%), some Windows (4%), and a few MacOS (1%).”

Hudson Jameson from Ethereum Foundation and Co-Founder at Oaken Innovations praised the team for handling the things well,

“Today Ethereum showed a lot of maturities and worked through a difficult situation.”

For now, the hard fork is not happening this week and its fate will be decided in the ETH dev core meeting that will be held at the end of this week.

On the price front, Ethereum is currently trading at $121 with close to 3 percent losses in the past 24-hours. The 3rd largest cryptocurrency by market cap of $12.7 billion as per Coinmarketcap data didn’t lose much value even after the hard fork delay.

The cryptocurrency took a dive just like other cryptocurrencies in the market. However, as Bloomberg reported earlier this week that Ethereum is giving a sell signal, “GTI VERA Convergence Divergence Indicator that detects trend reversals is flashing a sell signal for Ether, with the longest buying trend since October ending for the third-biggest digital currency,” more losses could be coming for it.

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