Stellar Lumens [XLM] Records Over 23% Amidst SDF Validators Went Down for Nearly Two Hours

Stellar Lumens [XLM], Presently the eighth largest cryptocurrency in terms of market cap is experiencing the highest price bump. At press time, XLM is the top gainer among the top 10 cryptocurrencies on the graph of coinmarketcap.

At the moment, XLM has gained the momentum of 23.63 percent over the past 24 hours which derived its price to $0.148 against US Dollar. Nevertheless, the current market volume of XLM has surged to $2,843,051,727 USD.

Stellar-Price
Image Credit – Coinmarketcap

At the time of writing, XLM’s trading volume is greatly split across BW.com, Bit-Z, BitForex, Upbit, LATOKEN, Binance, Fatbtc exchange with the major trading pairs of USDT, ETH, and BTC.

Also read – Stellar Leads Alt-Gains As Bitcoin’s Dominance Drops

Stellar Network was down for Nearly Hours

While at one hand Stellar is on its new bull rally, a crypto community, on the other hand, it is shouting to its decentralized blockchain crash for about 2 hours. This probably unnoticed by many but only those who run Stellar network validators noticed it well.

Tim Swanson, head of research at technology fir Post-Oak Labs noticed the issue and tweeted cascading failure of Stellar’s decentralized blockchain resulted in downtime nearly two hours on May 15.

Tim-Swanson
Image Credit – Twitter

Nevertheless, the buzz can also be seen on Reddit wherein a Redditor posted quickly when ‘Stellar network couldn’t reach consensus’. A Redditor ‘Cryptobrant’ wrote as follows;

Stellar-Network
Image Credit – Reddit

The reason wasn’t immediately available. But according to Swanson,

A critical mass of nodes went down causing a cascading failure and so the entire network went down but because it isn’t frequently used, few noticed.

However, the downtime was later confirmed by the company’s representative in a Reddit post but at the network got back to a normal position – as can be seen here. -> https://dashboard.stellar.org/

Nevertheless, the fact is Stellar validators are free to choose trusted validators – and in this case, many validators opt for SDF Validators. The stellar network is seen as the too decentralized and too fast system. Due to the issue on May 15 from 4.15 pm ET for about 2 hours, no transactions were validated during that time because the whole network couldn’t reach consensus.

Stellar CTO ‘Nicolas Barry’ said that they will release more information about the issue in near future but according to him, the issue caused due to Stellar’s nature of being too decentralized and too fast which led system behaved the right way by halting.

FCA Licensed Paysend launching Stablecoin on Stellar Network

In the meantime, Paysend Group, a London based FCA licensed fintech firm is reportedly launching new stablecoin on top of Stellar network. As a payment platform, Paysend has already succeeded license from the UK’s Financial Conduct Authority (FCA) and it is reported that the stablecoin on Stellar network will go live in next month, June 2019.

Catching up the similar tone, Ronald Millar, CEO of Paysend says that;

“Our global stable coin is the perfect solution for Paysend’s 700,000 expats, as well as for our multi-currency account holders. With the Paysend stable coin, our customers will be able to keep the value of their money consistent and make instant payments anywhere in the world, without cross-border fees,”

As for now, XLM/USD enjoys massive growth of over 23 percent which made it the top gainers among top 10th largest cryptocurrencies on the graph of CMC.

Image Credit – Shutterstock 

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