The world’s most widely used cryptocurrency blockchain, was almost thrown into a major crisis following a flaw in the most popular software used to verify transactions on the Etherum network. reports Moneyweb.
A bug in the Go Ethereum, or Geth, software split about half of the Ethereum ecosystem into a separate chain, said Maddie Kennedy, a spokesperson at the cryptocurrency research firm, Chainalysis.
“This could’ve been a big problem, but it isn’t,” she said.
About 75% of all users on the Ethereum network utilize Geth as a node to mine the blockchain’s native token, Ether, and to create software that runs functions such as decentralized applications.
According to Decrypt, a news media, the split could have caused a situation where the same Ether cryptocurrency would have traded twice during any transaction or trade – called double-spend attack. This would’ve created counterfeit currency and possibly a sharp drop in its value.
However, this was averted as most traders using Geth swiftly upgraded their systems, allowing most of the blockchain to remain on the primary network, instead of pivoting to the forked or split version, said Kennedy.
According to her, the parallel network which still exists, will later on disappear as more users of Geth upgrade their systems.