in

The upcoming doublespend crisis coming from Richard Heart’s Ethereum fork.

Richard Heart is forking Ethereum, he is calling it Pulsechain. There’s almost a billion dollars sacrificed so it’s going to be (kind of) a big deal.

​

There have been many ETH forks but how this one is different is with dApps. When the fork happens, all Ethereum dApps will duplicate and it doubles the supply of all the coins. Meaning you will have Uniswap (ETH) and now Uniswap (PULSE), same thing with LINK, AAVE, YFI, etc…

​

I’m worried about the effects of duplicating coins on smart contracts that may not be able to tell the difference between PULSE and ETH chain. Yes, the base layer blockchain prevents doublespending, but the wildcard is the programming within the smart contracts themselves. DApps are not a closed system. Many dApps outsource to servers to settle things off the blockchain. Depending on the programming of the contract, there might be vulnerabilities that come with creating an identical set of tokens.

And not just that, nearly doubling the entire crypto supply overnight certainly sounds like a bearish event for the crypto market as a whole.

What do you think?

10 Points
Upvote Downvote

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

4 Comments

Free 50 coins for 1 min registration without deposit

Moderna ceo cashing out is it a red flag?