- Canto, a Layer 1 blockchain based on the Cosmos network, plans to resolve a 33-hour outage with today’s update.
- According to CantoScan data, the blockchain last processed a block on August 10th due to a “consensus issue,” and the network recorded only two transactions in 46 hours.
- The Canto team confirmed the issue and announced plans for an update scheduled for 3:00 PM (Turkey time) on August 12th to fix the problem.
Canto’s Layer 1 blockchain update aims to resolve a 33-hour outage, reassuring users about the security of their funds.
Unprecedented Outage Disrupts Canto Network
The Canto blockchain experienced an unexpected halt in transaction processing starting on August 10th. Blockchain explorer CantoScan indicated a “consensus issue” as the root cause. This problem led to a significant disruption, causing no blocks to be processed for 33 hours and limiting transactions to just two over a 46-hour window, as corroborated by Etherscan data.
Team’s Response Amidst Operational Turmoil
The Canto team swiftly acknowledged the disruption and offered a schedule for a remedial update. Set for August 12th at 3:00 PM (Turkey time), the update aims to restore full network functionality. Despite the ongoing issue, the team assured users that all funds are safe and that normal operations would resume post-update.
Speculations Around Recent and Planned Updates
Intriguingly, Canto had intended to release another update named Callisto on August 9th. However, there was no official confirmation on whether this update occurred or had any correlation with the consequent network downtime. This vagueness leaves room for speculation but underscores the team’s commitment to delivering functional upgrades.
Market Impact and Future Outlook
Following the announcement of the upcoming update, Canto’s native token, CANTO, experienced a 6.41% increase in value within 24 hours, according to CoinGecko. Initially launched in August 2022, Canto had plans to transition to an Ethereum Layer 2 network by September 2023, a strategy later reversed in March 2024 to maintain its Layer 1 network status.
Conclusion
The recent consensus issue spotlighted the challenges faced by emerging blockchain ecosystems like Canto. However, the quick response by the Canto team and the reassuring communication with users helped mitigate widespread concern. With its Layer 1 status reaffirmed and a crucial update on the way, Canto aims for a smooth resolution and a return to normalcy. Moving forward, the network’s resilience and user trust will likely be pivotal in determining its long-term success.
