According to research conducted by a group of analysts from the University of Maryland and the Northeastern University, the entire ethereum ecosystem is under threat because of the lack of diversity of the ETH smart contracts. The information instantly made headlines at DC Forecasts crypto news site today.
According to the paper titled ‘’Analyzing Ethereum’s Contract Topology,’’ most of the ethereum smart contracts are a near copy of other contracts or are exactly the same. This is a huge risk to other contracts if the previous one where it was originally copied from, contains a bug or a vulnerable code.
The study goes on analyzing the smart contracts’ bytecodes during the first 5 million blocks which cover a time-frame of almost three years.
To continue, today’s ethereum smart contracts are almost three times more likely to be created by other contracts than by users. Less than 10 percent of the user-backed contracts are unique. This means that there’s a huge reuse of code that can have a major impact on the entire Ethereum user population.
This means that smart contracts in this form pose a risk to the entire blockchain ecosystem since Ethereum has been a subject of high-profile bugs multiple times.
Ethereum is an open-sourced blockchain platform that features smart contracts, launched in 2015 by Vitalik Buterin. It’s the second largest cryptocurrency by market cap at the time of writing. Ethereum received multiple security breaches in 2018 many of which were smart contract breaches that caused a loss of around $38,000.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
Brian Kelly Sees The Bitcoin Price Decline As ‘A Short-Term Event’
“After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned,” Kelly said.Aside from this, if the hash rate war between CoinGeek and Bitcoin Cash continues, then it will likely have a negative impact on both Bitcoin and Bitcoin Cash. As the most dominant cryptocurrency in the market, any negative sentiment around Bitcoin will pose an effect on the rest of the market.
“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event,” concluded Kelly while summing up his view on the current downtrend.Many analysts are now asking if the hash power between CoinGeek and BCH caused the drop. If that is the case, however, we could see the crypto market recovering in the weeks to come.
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low
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