STEEM rises more than 10% after some chaotic days when the blockchain did not work properly.
The blockchain STEEM has had some problems in the last 24 hours when a software update has thrown the whole network in disarray, with the pages of the social network Steemit that no longer load . The developers announced they had solved the problem yesterday, saying they are "at work" to solve the problems.
About ten hours later, the social network announced that its block makers were slowly coming back online, running the site as it should, even if Steem's knot still had to come back.
A few users later complained that their deposits in various exchanges were still not confirmed as they did not appear on the blockchain. We do not know if these problems have been solved.
Blocktrades, one of Steem's block block producers, gave an explanation of the incident this morning.
"During this time, along with many other top 20 block producers (plus some other important witnesses such as @abit who donated some useful corrections on how to make the blockchain work again) they worked very hard to make run the chain again and were successful a few hours ago, "The producer wrote in an update by Steem.
Blocktrades also explained that there was a bug that caused the 0.10 resolution of 0.19 software, making consent almost impossible. According to the manufacturer, the correction involved the decision to temporarily shift everything in code from version 0.19 to avoid any accidental double expenditure.
"From now on, we are again above 90% of the participation rate … I expect that many of the witnesses who vote for v0.20 will probably return to an updated version of v0.20 tomorrow or the day after, "added Blocktrades.
According to Steem, the 0.20 fork version should not have happened until September 25th, but from our understanding, some nodes have been updated to the latest software version prematurely. We were able to confirm it at the final hour with Steemit via e-mail.
"Our blockchain has been interrupted due to a problem emerging from the transition process at Hardfork 20. The chain protections activated after an unexpected collision in v0.1.19 in the non consent code and, consequently, the chain is It was paused until a correction was applied.The Steemit light nodes are now synchronized with Steem's blockchain and as such, Steemit.com is back online, "said Steemit spokesperson Madeline Stone, in an e-mail to Cryptovest.
Almost like a watch, after the network returned online, Steem's currency rose sharply from around $ 0.70 this morning to around $ 0.85 by the afternoon GMT. Likewise, its 24-hour trading volume skyrocketed to nearly $ 10 million at the time of printing from a dull morning to just over $ 2 million.
While this could be a reason for celebration for those who have put a lot of money into the currency in the last two months, this still leaves some unanswered questions. Users on Twitter suspect that this has to do with the fact that Bittrex's Steem portfolios have been frozen for a while, but this would not explain the huge increase in trading volumes.
It is possible that this massive price swing was in anticipation of the 0.20 software update or a pump from a major whale. Judging from his recent tweets, Steem's developers seem to move forward with the planned software update over the next seven days, regardless of these recent events.