Pre-Merge Ether can be used safely now as important update rolls out
According to the official Github page of Ethereum PoW, the project has received a second code update, implementing EIP-155. The core value of this update lies in the Chain ID, which will be a mandatory token for all transactions on the network.
The new update is an important step for adding more protection to the PoW version of the second biggest cryptocurrency on the market as it would protect the coin from a replay attack of other forks.
What is a replay attack and why is it dangerous?
A replay attack is a transaction that is being replicated maliciously on multiple blockchains. An exemplary use of a replay attack is using testnet transactions and then replicating them to steal funds on the actual blockchain.
Since Ethereum has no prefixes used in blockchains like Bitcoin that distinguish between testnet and “real” transactions, valid transmission of funds on the Ethereum chain is valid on any other Ethereum fork, which technically makes it possible to use testnet transactions on a real chain.
Without a digital sign, almost every transaction could be replicated on two different blockchains. The best way to fix this on the Ethereum fork is by implementing the EIP-155 update.
Ethereum’s PoW future looks shady
Despite the Ethereum PoS criticism we saw in the community prior to the release of the Merge date, the popularity of the PoW fork of Ether is not at as high a level as the coin representing the value of the fork was rapidly losing its value after the launch.
For now, most validators are gearing up for September, but market excitement is no longer a thing as the main Ethereum has lost over 20% of its value from the top of the “merge rally”.
