Blockchain network Stellar stopped confirming transactions for two hours on May 15, executives confirmed following a user post on social media.
Stellar, whose lumens token is currently the eighth-largest cryptocurrency by market cap, went down entirely for around 110 minutes Wednesday.
The cause, it appears, was a mass offlining of Stellar Development Foundation nodes, which the majority of the network trusts.
Accordingly, other participants failed to find consensus for blocks, and no transactions were validated until developers resolved the issue.
"I really hope we'll get a real debate about decentralization after this event. And about the strategies to achieve this decentralization," the user, Reddit user u/cryptobrant, commented after flagging the issue.
"The more the network grows and the more newcomers trust always the same nodes, the more difficult it will get to achieve decentralization."
Current XLM/USD prices of $0.148 mark the token's best performance since early December.
Stellar did not escape criticism over its structure from elsewhere in the cryptocurrency industry, former blockchain consortium R3 executive Tim Swanson further suggesting it had limited appeal as a platform.
"What basically happened was that a critical mass of nodes went down causing a cascading failure and so the entire network went down but because it isn't frequently used, few noticed," he summarized on Twitter.
In an apparent bid to increase awareness, Stellar had partnered with wallet provider Blockchain.com on a $125 million token giveaway in November last year.
Stellar Node Outage Causes Two-Hour Complete Transaction Freeze
gepubliceerd op May 16, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.