As a seasoned researcher with a keen eye for detail and a heart full of hope for the future of blockchain technology, I find myself deeply concerned yet optimistic about the recent events unfolding at Zilliqa. The recurring network bugs that have halted transactions and disrupted the normal operations of the mainnet are undoubtedly cause for worry. However, it’s essential to remember that even the most robust systems can encounter unexpected issues.
Over the last week, specifically from September 27th to 29th, I encountered an unexpected snag in the Zilliqa mainnet block production – a critical network issue that momentarily halted transactions. On Sunday, Zilliqa took the initiative to inform us about a system bug which prevented the network from generating new blocks.
At the same time, multiple cryptocurrency investors encountered an issue within the system that temporarily halted the network’s ability to generate new blocks. Furthermore, some crypto investors experienced challenges in managing their funds through the native browser wallet known as ZilPay.
Several community members also voiced concerns regarding the Zil chain, adding that it recovered from a similar issue just two days before on September 27. During the previous instance, the bug significantly slowed the block production while the current bug completely halted the block production. Responding to the concerns raised by the community members, Zilliqa noted:
The network had been functioning smoothly until it encountered a problem last night that halted block production. Our Zilliqa team is currently investigating the issue, fixing bugs, and working to get the network back up. We’ll keep you informed as we have more information.
Moreover, Zilliqa made it clear that the current network troubles have nothing to do with the Zilliqa 2.0 update. Instead, this update aims to enhance cross-chain interoperability and boost its speed.
On September 27, Zilliqa fixed a bug that had been slowing down block production. At that point, it was assured that the network was functioning smoothly. Yet, it appears that resolving the bug from September 29 is taking even more time.
It’s important to mention that while the Zilliqa blockchain’s mainnet is not yet fully operational, its development team has managed to reactivate it for validators. They are currently focusing on implementing a long-term solution, as reported by the Zilliqa team.
Cosmos’ Timely Bug Fix Avoids $126 Million Attack
More recently, the Cosmos team acknowledged a significant security issue in their Inter-Blockchain Communication (IBC) system. This vulnerability potentially exposed over $126 million to potential reentrancy attacks. These attacks could have allowed malicious actors to generate infinite tokens on IBC-linked chains such as Osmosis and various DeFi environments within Cosmos. As per GitHub updates, the issue was remedied by developer Carlos Rodríguez from the Cosmos team.
In light of the latest happenings at Zilliqa, the price of its native cryptocurrency, ZIL, has decreased by 2.6%, currently standing at around $0.01545. This decrease has caused its market capitalization to fall below the $300 million mark. Interestingly, the daily trading volumes have experienced a significant increase of approximately 20%.
In the heart of September, I found myself excited about the strategic collaboration that EMURGO, the blockchain technology company, unveiled with the Zilliqa Group. This partnership is all about improving communication between the Zilliqa and Cardano blockchains, a move designed to boost innovation, efficiency, and growth within our ecosystem. It’s an exciting time for us crypto investors as we witness these strategic moves that promise a brighter future for our digital assets!
This collaboration between EMURGO and Zilliqa primarily concentrates on enhancing compatibility and market fluidity. Their objectives include fortifying the network connections and operational capabilities of both the Cardano and Zilliqa networks.
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2024-09-30 15:09