Crypto Users Report Steem Blockchain Network is Frozen For Nearly 12 Hours Today

Steem Blockchain Down For Several Hours

The Steem Blockchain stopped and not only Steemit was affected but the whole blockchain was. The Developers announced on Twitter that they are working hard to fix the problem but have not mentioned the cause of the failure. The team clarified that it is not due to a hack. This has occurred just a week before the Steem velocity hard fork which is scheduled for 25th September.

Steem and Steemit

The Steem network is a platform on which other social media apps can be built on. It serves as a host powering Smart Media Tokens (SMT). This will be similar to the ERC20 tokens on the Ethereum platform but better.

Steemit is one of the DApps built on the Steem network. It is a blockchain-based social media platform where anyone can earn rewards for participating in the network. It is somewhat of a mixture of social media and blogging as you can follow other users and there is no privacy setting. All posts are available to everyone on the Steemit. The platform is powered by the STEEM token which is tradeable and easily convertible to Bitcoin and Ethereum.

With Steemit you can earn money without risking any capital. You simply need to post relevant content, gather information relevant to a particular topic or area of interest by upvoting and hold Steem based currencies in a vest fund which generates interest. Over $40 million rewards have been paid out to user. There are over 920,000 user accounts, about 1.5 million monthly posts and 3.78 million monthly comments on Steemit.

Steem has a market cap of nearly USD 200 million and a daily volume of about 9 million US dollars. Due to the failure its price declined by more than 5% and the unexpected failure likely caused economic losses for users that depend on it for income. The good news is that everyone’s coins were safe during that period and it is now back up with its price rising by 10%.

The forthcoming Velocity hard fork

Scheduled on 25th September 2018, Steem will be changing to a new system where users have resource credits that will determine how much they can post unlike previously where users were allocated a certain amount of bandwidth. The curation window will also be shortened from 30 minutes to 15 minutes to aid in the fight against bots.

the Velocity hard fork will remove unfair self-voting rewards being paid to authors who immediately vote for their own content following its creation. People will also be able to create accounts at a discounted price with an account discount token. Hopefully other modifications will be included to ensure the Steem blockchain doesn’t crash again.

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