Canto, a layer-1 general-purpose blockchain network, has been facing issues with block production since August 11. The network halted block production at block 10,847,516.

In an August 12 post, the project mentioned it was encountering an “issue with consensus” and announced an upgrade to resolve the problem. According to the statement:

Canto chain is currently experiencing an issue with consensus that has caused the chain to halt. An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities.

A consensus mechanism is a method used in blockchain networks to validate transactions, ensuring that all participants have a consistent and accurate record of the blockchain’s data. This prevents fraud and double-spending.

Canto has not disclosed the specific reasons behind the outage but reassured users that all funds were secure and accessible once block production resumes.

The outage occurred just a day after the project was set to implement the Callisto upgrade at 14:30 UTC on August 9. The upgrade aims to improve block production times and is the first in a series of updates to enhance the network’s efficiency.

On August 13, Canto briefly resumed block production on August 12 before halting again at block height 10,848,199. This time, the project cited “unforeseen secondary effects” as the cause, noting that validators in its network had “halted the network after upgrading to v8.”

Canto’s development team, B-harvest, is working on v8.1.0 of its validator protocol, a critical component that dictates how validators operate. It is estimated that block production will resume by the end of the day.

Launched in August 2022, Canto managed to surpass $200 million in total value locked (TVL) by March 2023. However, the project’s TVL has since dropped to $14.58 million.

Despite the back-to-back outages, the price of CANTO, the network’s native token, has risen 38.2% over the past day and over 43% in the past week.

Canto is not the only network to experience an outage this month. Last week, the Ethereum layer 2 solution Starknet halted block production due to a rounding error bug that led to a reorganization of blocks, creating a backlog of transactions.

Earlier this year, Solana, which has faced multiple outages, went down for about five hours on February 6.

Stay updated with the latest news and developments in the crypto world on Global Crypto News.

Post Views: 5