Faulty Transaction Stops Processes on Lisk Blockchain As Security Efforts Correct Damage
On June 2nd, 2018, there was a problem with a transaction on the Lisk blockchain, which resulted in the entire program shutting down as the engineers worked to correct the issue. In a post on Reddit, the President and CEO of Lisk, Max Kordek, explained exactly what happened to users.
His post said, “During European morning hours, an anonymous individual broadcasted a faulty transaction to the Lisk network. Due to a rare edge-case bug in transaction processing, this transaction was deemed valid and went through the processing steps on each individual node. However, it was an invalid, maliciously customized transaction type that utilized this particular code bug. …“
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In an effort to create a solution for this process, the blockchain stopped any new blocks, leading to the standstill of the entire system. When the freeze occurred, any transactions that users initiated were caught in the cross-hairs, preventing from completing the desired process.
Right now, the Lisk brand has not determine if this problem was caused by someone that intended to cause harm to the platform. While the bug has already been eradicated, the company remains uncertain if this attempt was an experiment against what the platform does, or a single attack.
Does Centralization Threaten Lisk’s Blockchain?
Some sources say that this forced stop to transactions on the Lisk blockchain is an action that centralized blockchains are capable of. However, Kordek was quick to inform the public that the pause on the network is a fail-safe function in their security, which was admired by many of the participants. One user on Reddit compared the fail-safe to a “built-in antivirus” that other projects do not possess.
Unfortunately, this process has also received negative attention from critics, since they believe that the Delegated Proof of Stake (DPoS) system that verifies the network brings too much centralization. The whole point of cryptocurrency is to be decentralized, and this adaption makes consumers wonder if Lisk will becomes centralized instead. However, statistics indicate that DPoS systems like Lisk and ARK have secured blockchains effectively in the past.
The community manager of Lisk stated:
“We have just now released the fix and solution to this matter and are now returning to a normal and regularly operated network. Within the next moments, everything will be optimally functioning and will allow for all users to use the Lisk blockchain and their tokens as they did prior to this. To remind you all, everyone’s fund is safe.”
Consumers should be aware that any of the transactions that were cause in the pause of the network will be eliminated as if they never started in the first place, which is an effort to preserve the funds.
Even though this feature was helpful in preventing new issues to consumers, it was put in place due to other bugs that have infiltrated the system in the past. In fact, the DPoS system is practically necessary to embed in their network’s programming. Despite the temporary shutdown, the LSK token price actually went up 7% on the day of the bug.