Following a detection of a loophole that could cause the network to crash, Bitcoin Core has release an update that is specifically tailored to prevent that from happening. As noted by Coin Telegraph, the September 18 update was meant to fix the denial-of-service (DoS) risk.
Threat of DoS
According to statements from the experts, the denial-of-service risk had the potential of crashing the network if any Bitcoin Core running on the older version tried to process a block transaction. The report also went ahead to indicate that only miners have the capacity to create such blocks since they are considered invalid. To successfully create such a block, a miner would have to burn a block of 12.5 Bitcoin that is estimated to be worth $80,000 at this time.
One of the highlights of this update is that it significantly reduces the risk of a crash happening by giving the software the power it needs to quietly do away of reject any invalid block created by a cryptocurrency miner. In a recent interview, Emin Sirer, a computer science associate professor at Cornel University said that people who have hidden motives would have exploited the opportunity to crash the network were it not for the quick response of the Bitcoin Core team to seal the gap.
Jason Glassberg, the Co-founder of Casaba Security, stated that the Bitcoin Core software flaw had the capacity to crash the network. However, he chose to differ with other experts by stating that the crash did not appear to target individual users digital wallets, but rather transactions. That is, the network would no longer be able to process transactions.
Vulnerability of Blockchain Network
Just like any other network created using new technology, there is always the risk of a flaw of loophole that could comprise the entire system. However, the blockchain network is different as it is decentralized and stable than most of the conventional data networks in the world today.
The quick response by the best internet marketing agency 2019 is also a clear indication that the industry is safe and ready to respond to any threats that could compromise the functionalism of the network. It is also important to note that the network is monitored round the clock to ensure that it is fully functional. Flaws are detected by the personnel and rectified on the spot thereby preventing any delays in transaction processing time.
Bitcoin Core Update has given us a new perspective of the network and shown how prepared the team is to address any challenges that arise. As new innovations are introduced into the industry, the network will become more stable and capable of dealing with this and other similar threats better. As a cryptocurrency investor, this should not deter you from investing or trading. The network is secure and there is a team of experts that works round the clock making sure that the network is fully functional.