As a seasoned researcher with years of experience in the crypto space, I find the recent TON network outage quite intriguing. The sudden halt of transactions due to high traffic volumes caused by the launch of DOGS meme coin is a clear demonstration of the challenges that come with scaling decentralized networks.
Recently, the Open Network (TON) encountered a significant disruption, leading to a pause in transactions that lasted approximately six hours. This halt was caused by an unusually high increase in network activity.
Based on blockchain information, the disturbance started approximately at 10:11 p.m. UTC on August 27, as the TON blockchain ceased creating new blocks.
Consensus Breakdown
One of the early voices sounding the alarm about the problem was Tonk Inu, a cryptocurrency community operating within the network. On platform X, they alerted users that services on TON were experiencing interruptions. The update also suggested that the heavy traffic resulting from the recent launch of the DOGS meme coin could be the cause of the disruption.
Shortly thereafter, a member from the TON Foundation identified as Justin responded to a query posed by crypto investor Chris Burniske, attributing the interruption they experienced to a heavy workload caused by the DOGS token.
Additionally, TON made an announcement via its main social media platform, stating they were dealing with an outage due to overwhelming traffic on the blockchain. This high volume of activity overloaded the system, causing several validators to stall while clearing their databases of old transactions. As a result, the system encountered a failure in reaching consensus.
The network team indicated that they’d directed block verifiers to reboot at 4:00 a.m. UTC on August 28, with the intention of resolving the issue.
Following a six-hour outage, services resumed their regular operation on the morning of August 28th, as the platform confirmed they were once again operational and running smoothly.
DOGS Price Down Following TON Downtime
Regarding DOGS (the dog-themed cryptocurrency), it appears to have significantly calmed down after causing the network issue. Initially soaring to $0.001856 at its launch, the coin is now being traded around $0.0012, resulting in a market capitalization of approximately $645 million.
The pace of trading has noticeably decreased. At first, it recorded a daily trading volume exceeding $1.7 billion, however, data from CoinMarketCap indicates that it only managed to garner around $1 billion in trades during the previous day.
It’s worth noting that TON‘s recent troubles have arisen following the arrest of Telegram co-founder Pavel Durov in France. According to the news, Durov is being held due to insufficient moderation concerns on the messaging app, specifically in relation to drug trafficking, child exploitation content, and fraud.
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2024-08-28 11:26