A series of invalid transactions resulted in an error in Steem blockchain, which held the network down for approximately 9 hours, creating restlessness among the users. Nevertheless, the startup informed via its account on the social network Twitter that the bug had been fixed and that the accounts of users and their tokens were not at any time at risk.
Some of the users, the operators of the Steem nodes, pronounced themselves on the issue via the Steemit social network to provide the initial draft of what had happened, which was subsequently substantiated by an official announcement made by the Steem team.
A series of invalid transactions clogged up the Steem blockchain
A series of invalid transactions that a user of an account with the name @nijeah had attempted, reportedly caused the Steem blockchain to clog. It appears that the customer carried out four funds transactions, in VEST tokens, in negative numbers, such as -10,000,000,000,000 VEST.
Steem team argued that what happened is in reality due to a “protection mechanism integrated into the blockchain that prevents the invalid transaction from causing real damage.” The blockchain regulations, they claimed, ban transactions like those @nijeah tried to make, but in the present case, the blockchain failed to block them. The operations were performed seven days later, and since their completion was not authorized, the before-mentioned rules took over.
The team expressed regret that the operations were discontinued for 9 hours and affirmed that their primary concern was to secure users’ accounts and their tokens.
Steem blockchain operates the Steemit social network
Steem blockchain operates the Steemit social network, which is based on compensating users with cryptocurrencies for different activities they employ on the net. On the platform, users earn tokens by uploading and distributing their content, as well as when they vote for their favorite content. Users can post pics, videos, or useful links to their posts or different publications.
The goal of Steemit, as its founders claim, is to ensure that the content is relevant to all the users of the platform.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.