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Ethereum [ETH] Constantinople hard fork: There is an EIP to fix the EIP that has the issues, says Foundation member

Priya

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Ethereum Constantinople hard fork: There is an EIP to fix the EIP that has the issues, says Foundation member
Source: Unsplash

The entire Ethereum community has been awaiting the Constantinople hard fork for over a year now. The initial decision of the hard fork was made in the year of 2017 and the upgrade was scheduled to occur in late 2018. It was later postponed to January 2019 because of issues found in the Ropsten Testnet.

However, much to the expectations of the community, the hard fork was yet again delayed due to another security issue. This issue was bought to light on the eve of the hard fork, resulting in the key stakeholders taking the decision to prolong the upgrade. Additionally, the Parity and Geth team released a new version, which would revert Constantinople hard fork on the Ethereum network.

Importantly, the issue was found in one of the Ethereum Improvement Protocols [EIP], the net gas metering for SSTORE without dirty maps, and was brought to light by an audit platform for smart contracts, ChainSecurity. The platform pointed that the Constantinople upgrade would open doors for a Reentrancy attack. Based on the report by the team, smart contracts that are not currently vulnerable would become vulnerable to the attack after the upgrade.

According to the latest video by Ivan on Tech, the Youtuber explained the attack as: a smart contract [name it A] makes payment to another smart contract [name it B], smart contract B will have a chance to call another function in smart contract A, thereby gaining control over what happens next and can execute any code.

The vulnerability exists even now, but cannot be carried out because of high gas limit, which is required to change the storage of another smart contract. The Youtuber, explained:



“Because when smart contract B can change storage of smart contract A, then this is when they can start messing with internal working of smart contract A and basically mess up the execution and steal funds.”

This is now a problem because the Ethereum Improvement Protocol proposes to make the storage cost cheaper, aimed at benefiting the developers. This, thereby, reintroduces the attack that was earlier prevented because of the higher gas costs.

During the ConstantiNOPEle watch party, one of the members of the Foundation, Hudson Jameson, stated that there is an Ethereum Improvement Protocol introduced to fix the issues found in EIP 1283. He further stated that the two developers are currently working with the Parity team and with Nick Johnson to have the EIP implemented. He said:

“That doesn’t mean the EIP is going in, it might be left out completely in the future fork […] There are stuff in the EIP that would make the stuff more friendly. “





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: TRX tries to join ETH on the bull wagon

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH enjoys the bullish trend while TRX tries to join the bull wagon
Credit: Pixabay

The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.

Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend

Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market

Relative Strength Index: The token continued to be traced across the overbought zone.

Tron [TRX] 1-Day

Source: TradingView

Resistance 1: $0.0308

Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.

MACD: The MACD line over the the reading line and suggested a bullish market for TRX

Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market

Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market



Conclusion

Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.





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