Ethereum: Hard Fork Will Return Network Stability
Ethereum is scheduled for yet another hard-fork with the objective of fixing the constant Denial of Service (DOS) attacks on the network once and for all. Although the work hard-fork has gained a pretty nasty connotation due to the problems generated by the DAO hack and by the Ethereum/Ethereum Classic split and to the never-ending blocksize argument that haunts the Bitcoin community, It is a regular process for Ethereum in order to fix bugs and push new stages of development.
The hard-fork has been in development for some days now and it is set to take place on Monday and it will, in theory, fix the attack vector that has caused transactions to slow down and nodes to crash on the Ethereum Network (which has also caused miners to choose 0 transaction blocks to avoid these issues).
“The EIP150.c1 hard fork is being targeted for Monday. We have a candidate branch and will be releasing a fork-ready client as soon as there are proper consensus tests. This should address the underlying issues in the protocol. Until then I fear it might be a bit of a bumpy ride as the attacker gets ever more cunning in their exploits of these flaws.” Jeff Wickle, Ethereum Developer
The decision to hard-fork the Ethereum blockchain has been approved by the majority of the community and the transition will most likely be a smooth and fast one. It is extremely unlikely that another split blockchain like ETC is created.
The attacks began at the Ethereum conference, Devcon2, in Shangai which led to the Ethereum team fixing the problem during the ongoing event. Since then, the network has been constantly under fire with mining and transactions being affected. Various fixes have been attempted, but none of them has been able to shut down the attacker completely that continues to find attack vectors and exploiting them.
Ethereum Classic has also recently suffered from this type of attack, which has caused the price to take a dive under the $1 mark.
It is unclear who is behind the attacks on the Ethereum blockchain or why they are taking place. Some suggest the original hacker may be behind it, while others claim Ethereum Classic supporters are to blame, however, the second theory becomes less probable after the recent attack on the ETC blockchain itself. Whoever may be behind the attack, can also have no interest whatsoever in damaging or destroying either blockchain, and can simply be profiting from the market as the attacks take place, by shorting Ethereum. Either way, these attacks will soon be forked out of existence and Ethereum will, hopefully, return to normal.