Bitcoin's stability might not be so bad
19 Jun 2020
Needless to mention, Stellar lumens which are often abbreviated as xlm is currently the 8th largest cryptocurrency in the world. Recently, the cryptocurrency has been experiencing the highest price. Indeed it is the top gainer when it comes to you are analysing the top 10 cryptocurrencies over the graphical coinMarketcap.
At the current movement, stellar has received the movement of 23.3% within 24 hours. It eventually resulted in the price of $.0.148 when compared against the US Dollar. The updated market volume of Stella has increased to $2843051727.
During the time of jotting down, the trading volume is divided across different platforms such as bit -Z bitforex, DTH token, Bw.com and several others.
The network of Stellar was nearly down for 2 hours which gave a mini Heart Attack to the traders. Stellar is currently on the new bull rally which is the new Crypto community. On the other hand, It is trying to decentralize the blockchain crash that took place for round about 2 hours. All this had been well noticed by people who are into using Stellar network.
Tim Swanson has been the head of research Technology at post oak lab. He noticed the issue and highlighted the same on the leading social media platform. The cascading failure of Stellar resulted in the decentralization of blockchain. it eventually resulted in downtime nearly for two hours on May 15. The same phenomena have been highlighted by Reddit where it mentions the shortcoming of Stellar incapability of not reaching the consensus. The reason was not available but according to the technological head, it has been mentioned that critical Mass of nodes went down thereby creating the Mammoth failure. Therefore, the entire network witnessed a downturn because it is not used that frequently.
Later on, downtime was confirmed by the representative of Reddit company in a post. However, the network got back to normal by then.
Talking factually, the validators of Stellar can choose the trusted validators. In this case, some of them have visited for sdf validator. the Stellar network is apparently decentralized and excessively quiet. Because of the issue on 15th of May, from 14.1 5 p.m., none of the transactions was validated for 2 hours. The whole network just couldn't reach the consensus that created a whole lot of hassle for the users. Stellar CTO recently revealed that day will be releasing more information in the near future. according to him, the main reason behind the issue was Stellar being decentralized and excessively fast which resulted in halting UP of the systems.
In the meanwhile, London-based FCA licence is launching the latest stable coin that is going to rule the Stellar network. As one of the best payment platform, space and has already 24-hour licence from financial conduct authority in the UK. It is known that table coin on Stellar network will eventually go live on June 2019.