Thursday, July 25, 2024

Solana has been halted due to a bug that has been linked to some cold storage transactions.

In the most recent blockchain technology news, the Solana network experienced another outage. The network ceased functioning for four hours or so, and this was the fault of a bug. The bug interfered with the way in which the blockchain processes a special transaction for use cases offline. The network, restarted by validators after the durable nonce transactions were disabled, had transactions remaining disabled until the identification of the bug occurred.

The Ramifications

The disability of transactions indefinitely has certain ramifications and implications for custodians offline, especially if their transactions of blockchain applications fall within this category. This means that the movement of funds would get frozen till the mechanism got fixed. This may have had adverse implications for other exchanges with a Solana set up. In fact, several exchanges happened to report issues with withdrawals and deposits, among them Binance and Coinbase.

The Durability of Nonces

Authorities have claimed that durable nonces accounted for a very small percentage where Solana was concerned. The technology is just about developing in exchanges, and popularity is gradually rising. In case you don’t know what a nonce is, in cryptography, this represents a random number used for a distinct purpose. Officials in the crypto world say that the bug that affected Solana may have existed for some time, but failed to become a problem. This was due to the fact that it may have never been used by many people. Blockchain applications are complex, and it will still take a while to fully grasp their nuances.

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