As a seasoned crypto investor with a knack for navigating the digital jungle, I must say that the recent events surrounding The Open Network (TON) have been a rollercoaster ride, to say the least. The hype around the new memecoin DOGS seemed to be too good to resist, but as we all know, with great hype comes great responsibility – or in this case, network overload.
On August 28th, The Open Network, supported by Telegram, experienced a pause in operations because the network was overwhelmed by the surge of activity related to the popularization of the meme-based cryptocurrency, DOGS. This overload caused block production to halt.
According to information from TON Explorer, there was a prolonged pause in the creation of new blocks that lasted nearly seven hours, with block 39987437 being the last one mined prior to this interruption. Yet, as I’m speaking now, the process of creating new blocks has once again started.
TON is now producing blocks normally!We are back online. — TON 💎 (@ton_blockchain) August 28, 2024
Initially, Tonk Inu, a meme coin platform on the TON network, reported an incident, attributing it to the launch of DOGS, suggesting this action generated massive amounts of traffic that may have caused the system downtime.
The official account associated with the TON blockchain admitted to an occurrence, attributing it to “unusual traffic,” and pointed out that approximately 20 million transactions were processed on the network within the last two days.
Multiple verifiers have encountered difficulties in clearing outdated transactions from the database, resulting in a loss of agreement or consensus.
As a result of a heavy workload, it seems that TON validator nodes temporarily lost agreement. To address this issue, TON Core, the network’s development team, requested all validators to restart their nodes at 4:00 AM UTC. This coordinated restart aimed to reset the validators’ processes, clear the buildup of tasks, and bring them back into alignment.
In the meantime, the TON team is reassuring the community that all assets will stay secure, and any pending transactions will be completed.
Major digital currency trading platforms such as Binance, Bybit, and OKX halted operations involving the TON blockchain after an unexpected downtime occurred.
It’s not clear if the excitement about DOGS caused the outage, but a member of the TON community has suggested that the new memecoin might be responsible for it.
Due to an overwhelming number of transactions on the $DOGS network, the garbage collection process became overloaded. This prolonged overload caused many validators to lose consensus. To restore consensus, the validators will be instructed to restart at approximately 4:00 UTC, using specific flags around the same time.
— Justin (@maverickqe) August 28, 2024
On August 26, the cryptocurrency known as DOGS was introduced and managed to accumulate a trading volume of approximately $1.7 billion within its first ten hours. The blockchain explorer Tonscan mentioned the following day that this memecoin had attracted significant attention, causing certain services to temporarily halt due to the high volume of traffic.
According to earlier reports from crypto.news, the introduction of DOGS not only affected the operation of various cryptocurrency exchanges but also led to congestion in the Telegram Wallet.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-08-28 09:20