Zilliqa network: complete restoration of network functionality

May 10, 2024 Jobson Edward Cryptocurrency News Comments Off

Following issues with block generation, Zilliqa engineers announced the full restoration of network functionality.

Zilliqa’s gullible token, ZIL, reacted by plummeting as soon as word spread that the network was back online. Data from CoinMarketCap indicates that the coin lost 1.8% of its value in the previous day.

Simultaneously, token trading has surged by 7%, amounting to over $15 million in the past day, suggesting that traders may start liquidating holdings in the wake of the technical problems.

Zilliqa network

The Zilliqa network is back online following temporary disruptions to block production on mainnet. Functionality has now been restored and the network is once again processing transactions normally.

The infrastructure team continues to monitor the stability of the network as it…
— Zilliqa (@zilliqa) May 10, 2024

The network slowed down block generation and transaction processing stopped within an hour. This allowed the protocol to clear the memory pool and resume normal operation after 30 minutes. The developers said they were investigating the cause of the incident and acknowledged the following day that network issues persisted.

Technical experts have created an internal testnet to test fixes for possible bugs that have been identified. Zilliqa has released the necessary software updates and announced blockchain restoration in addition to the planned animation update v9.3.4.

However, on the evening of May 9th, the developers admitted that they were unable to completely eliminate the main cause of the network shutdown. However, the company assured that funds are safe and users can check their balances via blockchain explorer.

Zilliqa network

Dear community, We are writing to inform you that we are aware of a further disruption to Block production on Mainnet. The issues that caused the previous network outage were not conclusive and, it is apparent that the logs did not provide the necessary insights to properly…
— Zilliqa (@zilliqa) May 9, 2024

Blockchain carbon offset platform

Zilliqa and GMEX collaborate to introduce a blockchain-based carbon offset platform.

The GMEX Group and layer-1 blockchain Zilliqa have introduced ZERO13, a carbon offset platform that enables users to participate in corporate environmental projects and take action against climate change.

ZERO13

Utilizing Zilliqa, ZERO13 will create tokens that stand in for carbon credits.

Clients who purchase products or services from Zilliqa’s partners will receive tokens that can be used to offset their carbon footprint and support environmental projects. The GMEX Group will carefully choose and monitor these projects to make sure they have a beneficial environmental impact.

ZERO13 uses blockchain

ZERO13 uses blockchain to provide customers with a transparent, secure, and real-time platform to monitor and offset their carbon emissions. The platform will also create a new market for carbon credits, allowing customers to trade and donate carbon credits to their preferred environmental causes.

This circular economy inspires customers to reduce their impact on the environment and encourages companies to adopt more sustainable practices. The supply chain management industry can benefit from blockchain technology, which helps improve the environment.

Blockchain can help combat deforestation, illegal fishing, and unethical labor practices by recording and tracking every step of product manufacturing in the supply chain.

What is ZIL?

ZIL is a native token for the Zilliqa blockchain built to enable and scale decentralised apps, from financial services to NFT marketplaces.

With ZIL, you can engage with every dApp and platform service built on the Zilliqa blockchain. You can also use ZIL to pay for products and services, buy and sell NFTs, and more.

Many decentralised apps built on Zilliqa have launched their native tokens. You can learn more about their market data on ZilStream.

The creator economy is paving the way for individual ownership and the monetization of digital assets. You can create, buy and sell NFTs with Zilliqa.