After another outage of its blockchain network, Solana sees the value of its token tumble to an all-time low. Indeed, in the space of a few hours, the price of the SOL went from 45 dollars to 39 dollars.
It is now confirmed! The misadventures did not end for Solana. One of the most important cryptocurrencies in terms of capitalization with nearly 13 billion in capitalization. Indeed, while the network had already recorded 8 outages between September and June, on June 1, the blockchain again broke down. This time due to a problem of synchronization between validation nodes.
Currently, the network that prides itself on being the most “scalable” in the crypto universe with an execution offer of 65,000 transactions per second is facing serious questions from users as to the security and reliability of his service. Added to this are the different DDoS attacksoverload problems and technical difficulties that damage the reputation of the network.
This new incident presents itself as a real cold shower for Solana investors who see their non-fungible tokens (NFT) lose nearly 13% of their value.
A 4 hour outage
While Solana is considered one of Ethereum’s fiercest competitors and its famous cryptocurrency, the year 2022 is definitely not kind to the network. A network now rather popular for its incessant breakdowns as its very high performance in terms of transactions per second.
Indeed, on Wednesday, June 1, around 17:00 UTC, Solana had to stop again due to a bug in the production of blocks by the validators. For nearly 4 hours, no transaction could take place. While its cryptoasset came close to the $39or -85% off its All Time High of $259.96.
Unfortunately, this incident is far from exceptional for one predicted to be the future Visa of the digital asset ecosystem. Indeed, this is the 8th time that the Solana network has failed. Last January, he had to face a slow-down and congestion quite substantial due to the increase in transactions with complex calculations.
And we are not going to lie to each other, this new shutdown of the blockchain annoys the crypto community. One thing is therefore certain: this breakdown will considerably slow down ecosystem growth and lead to the disinterest of some potential investors.
What happened ?
According to Anatoly Yakovenko, CEO of Solana, the outage is due to a bug in the transaction durable nonce function. In clearer terms, the malfunction stems from a problem of non-synchronization of validators. This generated different results for the same block and prevented the creation of new blocks.
To remedy the situation, the validators had to launch an emergency update. This in order to modify the function at the level of the algorithm of consensus validation of the blockchain. A reboot of the entire network was then required to get the durable nonces back up and running.
We would like to give thanks to the author of this post for this outstanding web content
The Solana blockchain faces a new outage of more than 4 hours
Check out our social media accounts and other related pageshttps://metfabtech.com/related-pages/