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Toncoin (TON) Price Vulnerable to Another Downturn Amid Surge in Weak Hands Toncoin (TON) Price Vulnerable to Another Downturn Amid Surge in Weak Hands

What Caused 6+ Hours Downtime?

The Telegram Open Network (TON) is experiencing a major operational disruption. For over six hours, it has failed to produce new blocks, indicating potential vulnerabilities within its system.

According to data from Tonscan, the last block generation occurred around 22:11 UTC. Under normal conditions, blockchains like TON operate continuously. A halt in block production can lead to transaction delays and heightened security risks.

Although rare, such interruptions can underscore challenges in managing high network loads.

What Caused the TON Blockchain Outage?

This particular disruption appears to have been triggered by the recent launch of the meme coin DOGS, which began trading on major exchanges on August 26. Consequently, the network experienced a significant traffic surge, with airdrop winners transacting their DOGS tokens.

Read more: 6 Best Toncoin (TON) Wallets in 2024

The sudden influx overwhelmed the network, as Justin, a member of the TON Foundation, explained. He attributed the outage to an “overload due to DOGS transactions.”

“Garbage collection overloaded many of validators for enough time for them to lose consensus. To restore consensus validators will be called upon to restart at 4:00 UTC on/around same time with specific flags,” Justin stated.

Amidst these technical challenges, major crypto exchanges such as ByBit and Binance have paused all deposits and withdrawals of TON. This step is a precaution to protect users’ transactions and funds until the network stabilizes. Despite the operational issues, TON’s native token, Toncoin (TON), has maintained a relatively stable trading price of $5.34.

Toncoin (TON) Price Performance. Source: BeInCrypto

Reactions from the community have been mixed, with concerns emerging over the blockchain’s capacity to handle such large-scale events. Mikko Ohtamaa, a blockchain enthusiast, highlighted that the network failed the stress test as infrastructure crashed in the DOGS airdrop.

“Only max of 280 TPS (transactions per second) reached. This is far less than the earlier claimed theoretical 55,000 TPS,” Ohtamaa stated.

These challenges come at a critical time for TON, particularly following the recent arrest of Pavel Durov, TON’s co-founder. Durov was detained in France on August 24, with authorities citing alleged violations related to the encrypted messaging platform.

Moreover, the incident has exposed the critical need for strong infrastructure and scalable solutions within blockchain networks, especially as they gain mainstream attention. Launched in 2018 by Pavel Durov and his brother Nikolai, TON has undergone various transformations.

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

After an initial coin offering and regulatory challenges from the US Securities and Exchange Commission (SEC), the project was taken over by community developers led by Anatoliy Makosov and Kirill Emelianenko.

In recent years, Telegram has re-engaged with the TON network, integrating crypto-based payments for content creators. This includes the new “Stars” feature, allowing users to earn and spend cryptocurrency within the app.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya

https://beincrypto.com/ton-blockchain-outage-6-hours/

2024-08-28 05:05:17

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