Bitcoin

Fantom manages to overcome the network interruption with a new price increase of 50%

The decentralized platform for intelligent contracts, Fantom (FTM), continued its resuscitation up to 50% on MondayDespite a temporary network outage that resulted in the blockchain network stop producing blocks for seven hours.

Fantom surfaced in the top 100 market cap in January and eventually hit a 5,000% run that peaked in late February.Since then, the currency’s uptrend has slowed, but its value against the US dollar is still 3.434% higher than it was on January 1.

But Fantom suffered a brief power outage on February 25th. when block production was stopped after two inspectors slowed the emission rateFantom is a proof-of-stake blockchain network 39 validation nodes monitor the creation of blocks on behalf of the stakersThe two validators in question accounted for a third of the FTM use on the platform.

Fantom manages to overcome the network interruption with a new price increase of 50%
Fantom manages to overcome the network interruption with a new price increase of 50%

The development team coordinated and successfully applied a temporary patch that made the network operational again seven hours laterA recent Fantom advertisement reads:

On Thursday, February 25, 2021 at 3:04 p.m. UTC, the Fantom Opera mainnet stopped committing new blocks, causing a temporary outage. Fantom’s core development team and validator community responded immediately and successfully resumed the network in 7 hours. “

The solution required the consensus of 39 validators in multiple time zonesand the development team determines that no funds were at risk during the outage.

In response to the incident The development team has decided to fix the performance imbalance between the validators and will try to distribute the impact more evenly across the nodesTo achieve this goal, the number of FTMs required to configure a validation node will be reduced from the currently prohibited number of 3,175,000 FTMs.

In January, that was equivalent to a dollar value of just over $ 30,000. After the recent Fantom boost, that number is over $ 1.8 million.

Fantom’s recent surge has been attributed Developments in the area of ‚Äč‚Äčinteroperability and decentralized financingThe project was recently integrated into Multichain.xyz, a decentralized token exchange protocol that connects different blockchain networks such as Ethereum and Binance Smart Chain and enables token exchange without intermediaries.

Monday morning Fantom’s ascent continued as the price of the coin rose from $ 0.3827 to $ 0.58This corresponds to a growth of 54% at the time of publication.

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