Audits Exposes Numerous Risks with Ethereum 2.0

A recent audit of the upcoming Ethereum 2.0 Platform has indicated numerous risks associated with the new system planned to overwrite the Ethereum network. The audit, which was requested by the Ethereum Foundation, published its findings showing multiple risks associated with the New Ethereum technical specification.

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Audit reports show that Ethereum 2.0 Specification is Worrying

According to a recent audit report published by Least Authority, a Tech company contracted by the Ethereum Foundation to verify the highly anticipated ETH 2.0 technical design, Eth 2.0 poses high risks to users. The Ethereum community proposed the Ethereum 2.0 as the next official version of the cryptocurrency the network will host.

In February this year after most of the work on the Ethereum 2.0 protocol was complete, the Ethereum foundation requested a technical audit of the new Ethereum Protocol. The technical Auditor Least Authority worked alongside engineers from the Ethereum foundation to compile an audit report reflecting the technical abilities of the Ethereum 2.0 protocol.

The final report indicated that there are parts of the system that needed to be reviewed however; it also said the entire system might not work as designed. The report said the Ethereum 2.0 specification is well thought and compressive. It said the security considerations in the design of the new protocol was also brilliant. However, the company noted that it is doing further experiments into the proposed peer-to-peer layer to assess all related risks it poses to the new protocol.

The technical auditor concluded that the new Ethereum system could be susceptible to a denial of service attacks on the network. It further noted that should an attacker have access to a large number of nodes, block proposers within the new ETH 2.0 protocols would be at high risk of being attacked.

Cryptocurrencies Keep Evolving

The upcoming Ethereum 2.0 proposal is not strange because all cryptocurrencies keep evolving over time. As the community continues to use the cryptocurrency, errors and upgrades are constantly reported to the main foundation of a team of developers maintaining the cryptocurrency codes. The cryptocurrency software also collects operation data, which is used by developers to improve the main code and the utility of the system.

Sometimes cryptocurrencies undergo miner system updates to patch existing issues. However, sometimes there is a complete overhaul of the existing code and an upgrade to new sets of codes with improved or increased functionalities. The Ethereum 2.0 is a complete overhaul of the existing Ethereum code the community proposed to be overwritten on the existing Ethereum protocol.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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