FileCoin Network Recovered After Temporary Outage: Report

Filecoin network recovered after the temporary outage as the miners started upgrading to a new client shortly after the four-hour network issue. What exactly happened to the network, we are reading in today’s crypto news.

The decentralized storage protocol Filecoin got to a standstill position as a bug caused inability to the network. According to the project status report issued by the team, we can read that:

 “The Filecoin network is halted with most nodes stuck at height 336459 with mismatched state compute error due to indeterminate behavior.”

Based on the timeline that the status update was announced, it took about four hours for the Filecoin developers to fix the problem. As a part of the solution, the miners had to upgrade to a new Lotus client as the Filecoin network recovered. The team advised exchanges to disable all deposits and withdrawals until they are comfortable with the status of the chain as FIL is now down by more than 7% in the past 24hours trading period.

Earlier today, the Filecoin Network experienced a chain halt due to a latent nondeterminism in specs-actors. This issue has now been resolved and the network is recovering: https://t.co/jt43C0GFMy.

Big thanks to the whole community for the fast response and resolution! 💪🎉🙏 pic.twitter.com/j6Vq0vlvhJ

— Filecoin (@Filecoin) December 20, 2020

According to the CEO of TokenSoft Mason Borda, the network outage didn’t affect the wrapped Filecoin. Also, Tokensoft and Anchorage launched wFil for use on the ETH network back in November. At that time, Filecoin crossed the 1 exbibyte or EiB which is the storage threshold, equivalent to about 1 billion gigabytes but now the figure reached 1.48 EiB with over 854 active miners according to the Filecoin dashboard info.

As reported recently, Wrapped Filecoin tokens use third-party custodians to create 1:1 replicas on the native FIL token onto other blockchains like Ethereum. Filecoin worked with other cross-chain wrapping services like Ren, in order to bring FIL tokens to a wider audience. The platform became one of the biggest decentralized storage projects on the market right after it launched in October and is getting a major boost from crypto custody provider Anchorage to access the liquidity from the DeFi industry.
buy strattera generic buy strattera online no prescription

Decentralized finance is actually a group of protocols that are designed to provide financial services like these of the traditional banks without having to rely on centralized infrastructure. Wrapped cross-chain tokens became a huge part of the DeFi mix so solutions like wrapped BTC helped bring more than $2.3 billion of value to the entire DeFi ecosystem according to DeFi pulse. Like WBTC, Wfil uses a system of custodians to hold the underlying asset and issue 1:1 wrapped token versions on the blockchains like ETH.