Bitcoin Upgrade Thwarts Irregular Double-Spending Bug

The importance of upgrading Bitcoin Core nodes to the latest version 0.16.3 has been emphasized following new information that the bug fixed in the update is more serious than it had been previously made to seem.

Nodes that have upgraded to the latest Bitcoin versions (Credit Coindance)

Nodes that have upgraded to the latest Bitcoin versions (Credit Coindance)

According to popular Bitcoin subreddit moderator, Theymos, the Common Vulnerabilities and Exposures (CVE) bug could have allowed an irregular form of double-spending on the Bitcoin network if not thwarted. Old nodes would have seen Bitcoin created illegitimately as valid and would have accepted such transactions. Whereas nodes that have upgraded to 0.16.3 would have rejected such transactions.

Though most miners and majority of big economic participants are believed to have upgraded, individuals who use lightweight wallets or those that are yet to upgrade yet are still at risk of limited damages.

Theymos notes in a Reddit post that the bug is “a major failure” and that “the community should demand a detailed review of the organizational/software-design failures which allowed it.” He adds that the bug is not one “that should just be forgotten about” especially as there is still a small risk of a chainsplit which could see any transaction with less than 200 confirmations in a week or thereabout being reversed.

The other issue that emanated from the development is the claim that a Bitcoin Cash developer by the name “awemany” is taking the credit for finding the bug. While many praise the developer for making the finding known, others deny the person as the source. In another instance, some decry the developer’s tone and the so-called commercialization of the finding by seeking donations.

Awemany has since reiterated the steps taken after finding the bug and also confirmed the identity. The developer is praised for saving the Bitcoin ecosystem from a disaster that could have set the crypto industry back by many years.

*Edited based on an article from 8btc

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