Coinbase Offers Support For Ethereum Hard Fork

Ethereum's Constantinople Upgrade Delayed After Security Vulnerability Discovered

Ethereum's Constantinople Upgrade Delayed After Security Vulnerability Discovered

"Some smart contracts (that are already on chain) may utilize code patterns that would make them vulnerable to a re-entrancy attack after the Constantinople upgrade took place", continued Jameson.

A new release date for the network update will be announced after an Ethereum developer meeting on 18 January.

In a statement, the Ethereum Core Developers and Ethereum Security Community said that they made a decision to postpone the hard fork after security researchers identified a potential vulnerability in one of the software upgrades.

The vulnerability is what blockchain security experts are calling a "reentrancy attack" and was discovered by ChainSecurity, whose researchers detailed the bug in a Medium blog post. They said the two security companies didn't find any evidence of the flaw being used in the wild. "However, there is still a non-zero risk that some contracts could be affected", the statement read.

This is not the first time the Constantinople upgrade was delayed.

According to the statement, that potential vulnerability stemmed from EIP-1283, which introduces a cheaper gas cost for SSTORE operations.

The vulnerability is called a "reentrancy attack" because it allows the attacker to re-run the same function over and over again until he exhausts all the user's shared funds. Without a code vulnerability, however, such attacks would be doomed to failure, and ChainSecurity states that the now live, pre-fork network shows no signs of such vulnerabilities. Failing to do so will cause you to become completely disconnected from the main network as the fork software is not compatible with the previous versions.

"Out of an abundance of caution, key stakeholders around the Ethereum community have determined that the best course of action will be to delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16, 2019.This will require anyone running a node (node operators, exchanges, miners, wallet services, etc...) to update to a new version of Geth or Parity before block 7,080,000". This is important to note because it's likely that scammers will seek to take advantage of the situation to swindle crypto holders out of their funds.

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At the time of writing, only 46% of Ethereum nodes are "ready" for Ethereum's Constantinople upgrade.

The fifth upgrade, EIP-1234, will delay the "Ice Age" and reduce block rewards by 33%.

Today, when a miner succeeds at mining a block on the Ethereum network, they receive three ETH as a reward.

Twitter user Parthasarathy R commented on the data to say that if the "nodes don't upgrade, it just means that fewer nodes are on the new chain".

Days before the event, however, Ethereum's (ETH) 00 price experienced a notable decline.

The ethereum price - which had traded up in advance of the fork - plunged following the announcement, declining as low as $116 on Bitstamp from an intraday high of $130. Price Charts from TradingView.

This story is developing.

Featured image from Shutterstock.

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