BitMEX Research Discovers Potential Bug in Ethereum Parity

The research division of notable cryptocurrency trading platform BitMEX has published in a blog post on Wednesday, March 13, that its Ethereum Parity full node contains a “potential bug.”

A new web-based tool (Nodestats.org)

The Hong Kong-based exchange BitMEX has declared the launch of its research department’s new website, Nodestats.org. The purpose is to present data analysis linked to the “computational resources each Ethereum node requires.” Although the analysis website has only been gathering data for Ethereum node client implementations Parity and Geth since the beginning of March, BitMEX is proclaiming a possible bug discovered in the syncing of the Parity full node with the Ethereum blockchain.

Nodestats.org started gathering data at the start of March 2019. The collected data is exhibited by querying five Ethereum nodes or machines operating the nodes, every five seconds (720 times per hour) and then saving the events in a database. Multiple rolling averages and other metrics generated from this data are presented on the Nodestats.org website.

Produced in collaboration with blockchain analysis company TokenAnalyst, Nodestats features key data for Parity and Geth clients, linking separate node configuration specifications associated with CPU method, memory, bandwidth, and storage space.

BitMEX Research Discovers Potential Bug in Parity Ethereum — Image Source: BitMEX blog

The Ethereum Parity full node is syncing

The Ethereum Parity full node was originated on 1 March 2019 and it has still not completely synced with the Ethereum chain. The client is around 450,000 blocks behind and based on its contemporary trajectory, it should develop with the principal chain tip in a few days. Due to the sluggish primary sync, the “% of time in sync” metric is shown as near 0%, as the client is never in sync.

What is % of time in sync?

This describes the percentage of time the node has authenticated and downloaded all the block information, up what the P2P network is notifying the node is the chain tip. In short, the continually metric is computed by circumscribing if the node is at the tip every 5 seconds, which should be 720 queries per hour. The dimension of these queries where the node states it is at the tip is the recorded metric.

The Ethereum Parity Full node machine has the following stipulations:

Dual Core 2.3GHz
14GB of RAM
SSD storage
10 Gb/s internet connection

A device with the above stipulation gets over 12 days to sync may symbolize that it is the primary sync problems could be a bigger matter for the Ethereum network than post sync problems, such as block generation. While the sluggish initial sync is a possible problem, Ethereum has not yet arrived a position where the node cannot catch up, as the sync is quicker than the movement of blockchain germination.

The Ethereum Parity full node also seldom tells that it is in sync, notwithstanding being various hundred thousand blocks back the chain tip. This possible bug could ruin this complete metric, even for the separate nodes. The research unit also unveiled that attackers could abuse the purported bug in some specific cases, however, the possibilities of this is comparatively moderate.

For now, Nodestats.org gives a valuable instrument to evaluate the comparative system qualifications for operating Ethereum nodes. At a pretty basic level, it also gives mechanisms to evaluate the authenticity of the Ethereum system and its many software implementations.

In other Ethereum news, United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton has lately affirmed that ETH, and cryptocurrencies like it, aren’t securities under U.S. law. Clayton’s comment was in recognition with the position of the SEC’s director of corporate finance, William Hinman, which was published last July.

In the month of July 2018, the Security and Exchange Commission (SEC) had stated that Bitcoin and ethereum are not securities, but some initial coin offerings may be. Today, Jay Clayton, SEC’s Chairman, verified the Commission’s position. Back in September, Coin Center, a crypto analysis company, asked Clayton to verify whether he supports William Hinman’s opinion about ETH. In reply, he penned a letter which highlights that overall he supports his colleague’s report.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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