Though there are significant obstacles for Zilliqa Blockchain, repairs are in work
Late last week, the Zilliqa blockchain network had several major system problems that seriously disrupted block production. These hiccups on September 27 and once again on September 29 caused the network to stop briefly while engineers worked to fix the issues.
#Zilfam,
— Zilliqa (@zilliqa) September 28, 2024
We’ve encountered another issue with the network.
We apologise for any inconvenience, and appreciate all the feedback / reports.
We have identified the bug and will resolve the issue as soon as possible. Rest assured – all funds are safe! 🔒
On September 29, Zilliqa officially admitted a flaw that had prevented fresh block building entirely. Shortly after having trouble accessing their money on ZilPay, the web wallet of the platform, users noticed this issue. Many people in the neighborhood voiced worry as two days earlier a similar problem had already happened. The earlier flaw, though, just delayed block output; the more current fault brought to a complete shutdown.
In response to user comments on social media, Zilliqa informed the public that the development team was assiduously fixing the problem and restoring the network. The business stated that the problems had nothing to do with the most recent Zilliqa 2.0 update, which seeks to improve performance and cross-chain interoperability.
Dear Community,
— Zilliqa (@zilliqa) September 29, 2024
The network is now back online for validators, and a permanent fix is being implemented for public use.
We appreciate your patience, and will keep you updated.
From September 27, we swiftly fixed the problem and brought the network back up the same day. The second flaw proved more difficult, though, as at the time of the most recent upgrade the network had not fully restored. Efforts are in progress to apply a long-lasting solution; the Zilliqa team has succeeded to restore the blockchain for validators.
Cosmos stays free from a significant security risk.
Concurrently, Cosmos developers recently fixed a serious security hole in their Inter-Blockchain Communication (IBC) system in another project. The weakness had exposed over $126 million to possible danger from a reentrancy attack, which may have let malevolent actors generate infinite tokens across IBC-connected systems like Osmosis. Public GitHub updates state that Cosmos developer Carlos Rodriguez fixed the issue.
New blog post: Cosmos IBC Reentrancy Infinite Mint. A critical reentrancy bug in ibc-go could have enabled the infinite mint of IBC tokens on Cosmos chains.https://t.co/ybeLpiUqTU
— asymmetric research (@asymmetric_re) April 23, 2024
With its market capitalization going below $300 million, Zilliqa’s native cryptocurrency (ZIL) witnessed a little decline of 2.6% to $0.01545 in view of these recent events. Still, daily trade volumes jumped by twenty percent.
Early this month, Zilliqa also signed a strategic alliance with EMURGO, the Cardano blockchain’s development division. This collaboration seeks to improve interoperability between the Zilliqa and Cardano ecosystems thereby promoting innovation, efficiency, and expansion on both systems.
