Thursday, December 7, 2023

After an almost 24-hour interruption, the Celo network is back online.

Blockchain company Celo had to deal with an outage which lasted almost 24 hours. This PoS company hasn’t faced such issues and this outage happened for the first time. Fortunately, the blockchain is back to normal functioning.

Celo made its name as a blockchain using open-source code to help users to make crypto payments with just a phone number. The phone number functions as a proxy and used in place of public keys. Users were updated via Twitter about the outage and the restoration of functionality.

The Celo mainnet was launched in April 2020 and its experts are trying to get insights into how this outage happened. After the protocol stalled on Thursday, the company announced that all user funds are safe when work stopped at block 14,035,019. According to reports, an upgrade of validator nodes was needed.

A Celo network validator said that the latest outage is part of the company’s growing pains. The company is confident that the network’s fundamentals were strong and will continue to grow. After all, it was the first outage since the company was established.

According to a white paper published by Celo, the platform has made it easy for users to send crypto payments as easily as a text. The average transaction/block time is just 5 seconds. This is supported by an ETH Virtual Machine for smart contracts and applications which are decentralized. The Celo protocol supports three specific stablecoins under its umbrella – Dollars, Euros and Reals, besides its own token, Celo.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular