Bitcoin Upgrade Thwarts Irregular Double-Spending Bug
The importance of upgrading Bitcoin Core nodes to the latest version 0.16.3 has been emphasised following new information that the bug fixed in the update is more serious than it had been previously made to seem.
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 the bug is “a major failure” 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 commercialisation 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.