The developers of the core team of Ethereum [ETH] have ‘announced‘ delay in the activation of Constantinople, simply hours before the long-awaited hard fork of the third-largest cryptocurrency’s network.
There Still Time Left For The Hard Fork Of Ethereum
Explaining in an ‘official statement‘, the Ethereum Core Developers along with the Ethereum Security Community aforesaid that they decided to delay the hard fork after the security researchers found a possible vulnerability in one of a code upgrade.
“Security researchers like ChainSecurity and TrailOfBits ran an analysis across the complete blockchain. They didn’t found any cases of this vulnerability on a large extent. However, there’s still a non-zero risk that some contracts might be still affected,” the statement further explains:
“Because the danger is non-zero and also the period of time needed to find out the danger confidently is longer the period of time thus available before the planned Constantinople upgrade, a decision was reached to delay the hard fork of an abundance of caution for now.”
In line with the statement, that potential vulnerability stemmed from ‘EIP-1283‘, that introduces a less expensive gas price for SSTORE operations. Researchers believe that it’s possible if it had EIP-1283 activated, certain smart contracts that are already running on Ethereum [ETH] might became liable to reentrancy attacks.
ChainSecurity has ‘revealed‘ an additional thorough explanation of this potential vulnerability, publishing a report.
Emergency Upgrade to Emergency Software Required
Ethereum full node operators should either upgrade to an emergency code [software] version or downgrade to a pre-fork released version to avoid any disconnection from the network.
Since the hard fork that was scheduled has been delayed, cryptocurrency exchanges, miners, and other full node operators are requested either upgrade to emergency versions of their Ethereum code or downgrade to the previous pre-fork unleash.
Failing to upgrade a node can cause you to become disconnected from the main Ethereum network since the hard fork code isn’t compatible with previous versions.
However, most Ethereum users — i.e., people who don’t run full nodes — don’t ought to take any action, and wallets are secure. This is vital to note as it’s likely that scammers can try to seek an advantage of this situation to swindle crypto holders out of their funds.
No further hard fork date has yet been announced
Prior to the abrupt delay, the Ethereum community had been in good faith spirits regarding the upcoming activation of Constantinople, which is able to implement variety of upgrades into the cryptocurrency’s protocol.
In addition to getting ready the network to higher scale to mainstream usage, the hard fork is expected to permanently reduce the Ethereum block reward by existing 33%, to 2% to 3% ether.
The expected hard fork was expected to go live at block 7080000 on 16th Jan., just hours from now. The last block processed by the network as of the time of writing was 7072694.
No new fork date has been yet announced.
Sharp Decline In The price of Ethereum
The ‘sudden hike‘ in the price of Ethereum observed during the arriving hard fork date of Ethereum for now seems to be diminishing after the announcement of delayed hard fork. At the time of reporting, Ethereum is trading at a price around ‘$124.32‘ USD which is 3.31% lower than yesterday.