Ethereum is facing another blockchain split because a number of network validators have not yet upgraded their software. The Go Ethereum developer team behind the popular software client Geth, run by about 75% of users, released on Tuesday an emergency hotfix to a security vulnerability in its code that would have prevented certain users from producing blocks.
The patch came after the team had disclosed a vulnerability on August 18 but did not specify the exact nature of the vulnerability: "The exact attack vector will be provided at a later date to give node operators and dependent downstream projects time to update their nodes and software."
But some users apparently identified the exploit that fixed by the Geth team and are currently exploiting older versions of the Geth software. Although the Geth team is urging all users to upgrade their software immediately, only about 30% of users have upgraded. Ethereum is currently working normally, and the chain split is likely to be resolved once more users upgrade to the newest version of the Geth client.
Here is the rest of the week in review:
MIR4, a blockchain-based multiplayer online role-playing game that features a utility crypto token, completed testing and officially went live on Thursday. South Korean developer Wemade's new video game allows players to gather utility coins called DRACO. Players can exchange the coins for Darksteel, a virtual essential resource used in the game, and vice versa. Players can also exchange DRACO for non-fungible tokens (NFTs) that can be seen in the game. Then people can trade the NFTs on a new marketplace that will be launched next month. According to its website, DRACO's real value is derived from its nominal value with a share dividends-based bonus. Wemade pledges to guarantee the intrinsic value of DRACO via the value of resources derived from the game. The price of DRACO climbed to about $6.25 and has skyrocketed 221% during its first day. MIR4 has been released in 170 countries and in 12 languages and can be played on various platforms including PC or mobile phone.
Jack Dorsey announced on Friday that TBD, payment giant Square's new unit focused on creating an open developer platform, is planning to develop a decentralized Bitcoin (BTC) exchange. The CEO of Square (NYSE: SQ) and Twitter (NYSE: TWTR) tweeted: "Help us build an open platform to create a decentralized exchange for #Bitcoin." Mike Brock, whom Square tapped to lead the initiative, tweeted that TBD will "make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize[d] exchange for fiat." He added that the firm would want the project to be native to the Bitcoin ecosystem throughout, making the platform publicly developed and open source, with any wallet being able to use it. Brock noted "gaps around cost and scalability," and argued that TBD needs to solve issues around exchange infrastructure between digital assets like stablecoins. The statements came after Dorsey in July said that Square aims to launch a new business to easily offer non-custodial, decentralized financial services.
Crypto prices traded rose to $2.10 trillion this week. For the majors, Cardano (ADA) and Solana (SOL) soared, while Dogecoin (DOGE) and Polkadot (DOT) fell. In the top 100, the biggest losers were XinFin Network (XDC), down 18%, Harmony (ONE), down 13%, and SushiSwap (SUSHI), down 12%. The biggest gainers were Revain (REV), up 81%, Tezoz (XTZ), up 59%, and Arweave (AR), up 57%.
The author owns a small amount of BTC.