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Ethereum, the world's third-largest cryptocurrency by market capitalization, has fallen today as investors and traders nervously look towards the delayed Constantinople upgrade-Which was expected to help solve the cryptocurrency's scalability issues.
The price was off by some 3% over the last 24 hours, according to the CoinDesk ethereum price tracker.
ChainSecurity, the delay is due to a potential security vulnerability according to the official Ethereum blog. If it had gone ahead, attackers could exploit a loophole in the code to steal user funds.
Ethereum has, along with the wider cryptocurrency market, fallen heavily throughout 2018.Getty
"Two parties can jointly receive funds, decide on how to split them, and receive a payout if they agree. An attacker will be created as a pair with the first address is the attacker. For this pair the attacker will deposit some money,"& Nbsp;ChainSecurity wrote in a blog post.
The upgrade, which will speed up processing times, improve the way the network monetizes data storage, and reduce the rewards from three to two, is ethereum's eighth.
Plans were derailed due to network bugs. This is, however, not the first time the upgrade has been delayed. There is currently no new data set for the ethereum upgrade.
Ethereum's Constantinople upgrade is also part of its move to a proof-of-stake consensus algorithm later this year.
Though the upgrade is considered a hard fork, in which the cryptocurrency will split into two, it's classed as noncontentious – meaning all transaction validators are likely to upgrade their software.
The ethereum price has had a few days in the run-up to the Constantinople & nbsp;upgrade.CoinDesk
Many ethereum traders and investors expect to see an increase in price volatility ahead of the fork.
"In the short-term, shortly before and during the fork, we expect to see volatility" Piers Courtney, an analyst at cryptocurrency brokerage firm GlobalBlock, told investment news site MarketWatch.
"It has been widely reported in the foreseeable future, and is expected to be positive for the valuation of ether (ethereum's tradable token)."
Ethereum is down by & nbsp; a staggering 80% since its all-time highs as a so-called crypto winter, which gripped the sector last year wiped some $ 700 billion from the cryptocurrency market. Investors are thought to have gotten cold feet waiting for & nbsp;long-expected institutional investment into the sector.
However, it is expected to be a positive thing for both users and developers of the ethereum blockchain and cryptocurrency in the long term, though some do not think it goes far enough.
"For most consumer use cases, decentralized apps are a blind alley," said Matthew DiPietro, chief marketing officer at the Kin Foundation, a rival cryptocurrency platform. "Killer use cases are centralized apps that use cryptocurrencies to create better user experiences at massive scale.
"Usage is all that matters. Not market cap. Not price speculation. The Constantinople fork, while needed, still will not allow you to get fast enough for widespread consumer adoption anytime soon. Consumers could not care less about understanding how blockchain works. They just want great apps that simply work."
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Ethereum, the world's third largest cryptocurrency by market capitalization, has fallen today as investors and traders nervously look towards the delayed Constantinople upgrade-Which was expected to help solve the cryptocurrency's scalability issues.
The price was off by some 3% over the last 24 hours, according to the CoinDesk ethereum price tracker.
The delay is due to a potential security vulnerability identified by the security audit ChainSecurity, according to the official Ethereum blog. If it had gone ahead, attackers could exploit a loophole in the code to steal user funds.
Ethereum has, along with the wider cryptocurrency market, fallen heavily throughout 2018.Getty
"Two parties can jointly receive funds, decide on how to split them, and receive a payout if they agree. For this pair the attacker will deposit some money, "ChainSecurity wrote in a blog post.
The upgrade, which will speed up processing times, improve the way the network monetizes data storage, and reduce mining rewards from three to two, is ethereum's eighth.
This is not the first time, but it was scheduled to go live in November last year, but plans were derailed due to network bugs. There is currently no new data set for the ethereum upgrade.
Ethereum's Constantinople upgrade is also part of its move to a proof-of-stake consensus algorithm later this year.
Though the upgrade is considered a hard fork, in which the cryptocurrency will split into two, it's classed as noncontentious – meaning all transaction validators are likely to upgrade their software.
The ethereum price has had a few days in the run-up to the Constantinople upgrade.CoinDesk
Many ethereum traders and investors expect to see an increase in price volatility ahead of the fork.
"Piers Courtney, an analyst at the cryptocurrency brokerage firm GlobalBlock, told" In the short-term, we would expect to see things steady after the consensus on the chain " investment news site MarketWatch.
"It has been widely reported in the foreseeable future."
Eterum is down by a staggering 80% since its all-time highs as a so-called crypto winter, which gripped the sector last year wiped some $ 700 billion from the cryptocurrency market. Investors are thought to have cold feet waiting for long-expected institutional investment into the sector.
However, the ethereum upgrade and hard fork is widely expected to be a good thing for both users and developers of the ethereum blockchain and cryptocurrency in the long term.
"For most consumer use cases," said Matthew DiPietro, chief marketing officer at the Kin Foundation, a rival cryptocurrency platform. "The killer use cases are centralized apps that use cryptocurrencies to create better user experiences at massive scales.
Not price speculation The Constantinople fork, while needed, still will not allow ethereum to scale fast enough to widespread consumer adoption anytime soon Consumers could not care less about understanding how blockchain works They just want great apps that simply work. "
