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Popular crypto drops after its second major outage

Published

4 years ago

June 2, 2022

One of the world’s largest cryptocurrencies has fallen more than 12 per cent after its second outage in a month

Solana’s computer systems needed a full restart after an outage left users blocked for nearly five hours.

The cryptocurrency has been gaining traction in the NFT and De-Fi ecosystems because it’s cheaper and faster to use than other digital coins like Ethereum.

Its blockchain can process 50,000 transactions per second.

The latest outage is the second in a matter of months, after it was previously brought back online following a restart of its validator network.

A ‘validator’ operates like a banker, who is in charge of certifying every transaction that comes into the blockchain.

All transactions need to be verified by a validator, whose job it is ensure they are legal and accurate.

In Solana’s latest outage, validators in the network were not processing new blocks for several hours.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.