Ethereum (ETH) price continues to plummet, and is about to face a major test

In order to solve the spam transaction attack problem faced by the Ethereum fork (ETH) chain, the Ethereum development team has executed multiple technical hard forks. However, since an unexpected fork occurred in its blockchain recently, the price of the Ethereum fork (ETH) coin has continued to decline, and today it has hit a new low in nine months.

According to data from CoinMarketCap.com, the lowest price of Ethereum (ETH) in 24 hours reached $6.53, which is nearly half of the $12 in September.

After the last accidental chain fork, Petar Zivkovski, operations director of digital currency trading platform whaleclub, predicted that it would bring about an "identity crisis."

Before October this year, the total market value of Ethereum (ETH) chain tokens remained above $1 billion. If it were regarded as a company, it would mean that it had once entered the ranks of "unicorns". Perhaps it was the "identity crisis" mentioned by Zivkovski that caused the price of Ethereum forked coins to continue to fall.

That being said, Ethereum developers appear to be optimistic that these vulnerabilities have taught them valuable lessons and that they are taking steps to prevent similar incidents from happening again.

For example, Martin Holst Swende, head of security at the Ethereum Foundation, recently said in an interview with foreign media:

“We are improving our detection, analysis, team communication and collaboration capabilities.”

In addition to this, the Ethereum development team is working on a “post-mortem” report outlining the lessons learned from various Ethereum vulnerabilities.

At the same time, the Ethereum Classic chain, which was split due to The DAO incident, did not experience an accidental chain fork on the ETC chain because it did not execute the Spurious Dragon technology hard fork of the ETH chain.

In 2017, the Ethereum fork (ETH) chain will also face major changes in the consensus algorithm. Its new consensus algorithm Casper can be seen as a variant of the POS algorithm that imitates POW. By then, the Ethereum fork (ETH) chain will face a major test.

Ethereum founder Vitalik Buterin recently reminded:

“This is an emerging and evolving highly technical field. If you choose to participate, you should be aware of the risks, including the risk of unexpected vulnerabilities and other technical complications… By choosing to use the Ethereum platform, you assume the risks of this emerging platform.”