Ethereum’s Beacon Chain Faces Temporary Disruption, Community Relieved as Finality is Restored – Investor Bites

SNEAK PEEK

• Ethereum’s Beacon Chain experienced a temporary disruption in transaction finality for about 30 minutes.
• The root cause of the disturbance remains unknown.
• Ethereum’s price is currently in a bearish trend, with the ETH token’s price declining by 2.91%.

In a twist of fate on May 11, Ethereum’s (ETH) Beacon Chain encountered an enigmatic predicament, causing a temporary disruption in transaction finality for approximately thirty minutes.

#Ethereum main network’s #beacon chain had a half-hour issue. Developers are investigating the cause.@ethereum @beaconcha_in #ETH #EthereumNFT #EthereumClassic #CryptoNews #InvestorBiteshttps://t.co/LgDadpdYnc

— Investor Bites (@InvestorBites) May 12, 2023

Preston Van Loon, a prominent Ethereum protocol developer, has confirmed the resolution of the recent Ethereum mainnet issues causing community concerns.

Finality has been restored. We do not know the root cause yet, but something happened to cause several client implementations to work really hard to keep up with the chain.

— prestonvanloon.eth (@preston_vanloon) May 11, 2023

Addressing the problem that prevented users from completing transactions for a period exceeding 25 minutes yesterday, Van Loon assured the community that “finality has been restored.”

The developer emphasized that the root cause remains elusive, with the mysterious event triggering a significant strain on multiple client implementations, compelling them to operate at their utmost capacity.

Although the exact origin of the issue remains unknown, its impact manifested as a difficult challenge for the affected systems as they endeavored to synchronize with the chain.

On March 15, there was a hiccup on the Goerli testnet during the “Shapella” upgrade due to low validator participation. However, the upgrade was successfully implemented on the Ethereum mainnet on April 12.

Ethereum’s original proof-of-stake blockchain, the Beacon Chain, was born in 2020. On September 15, 2022, a momentous event occurred as Ethereum’s pre-existing proof-of-work (PoW) chain merged with the Beacon Chain, completing the network’s transition to a faster and eco-friendly proof-of-stake consensus mechanism.

Ethereum is experiencing a bearish trend, with the ETH token’s price declining by 2.91% and currently trading at $1,768.86. The token’s low cost and high price are $1,742.40 and $1,835.62, respectively.

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• Source: https://investorbites.com/ethereums-beacon-chain-faces-temporary-disruption-community-relieved-as-finality-is-restored/