Developers modify Bitcoin software to resolve transaction flaws

By VCPOST Staff Reporter

Mar 21, 2014 05:15 PM EDT

Developers have exerted considerable effort to fix the flaws in the Bitcoin open source software. This effort is aimed at preventing another collapse of a Bitcoin exchange, like what happened to Japan's Mt Gox, according to VentureBeat.

A note about the software update read: "If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), uninstall all earlier versions of Bitcoin, then run the installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or bitcoind/bitcoin-qt (on Linux). If you are upgrading from version 0.7.2 or earlier, the first time you run 0.9.0 your blockchain files will be re-indexed, which will take anywhere from 30 minutes to several hours, depending on the speed of your machine. On Windows, do not forget to uninstall all earlier versions of the Bitcoin client first, especially if you are switching to the 64-bit version."

The updated Bitcoin Core version 0.9.0 now has five modifications that will protect the cryptocurrency from future attacks. The previous version had a flaw that overlooked mutated Bitcoin transactions. Because of that, the records on the Bitcoin blockchain did not match that of Mt Gox's, Gizmodo explained.

The modified software now prevents relaying or mining of those mutated transactions. In addition, the software now promptly reports any irregularities in wallet transactions, the report noted.

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