TON Blockchain slowed down to just 1 transaction per second, leaving millions of transactions waiting in the queue. Authorities blamed the delays on Bitcoin Ordinals-inspired scripts that launched on Monday. With the impact of this development, the altcoin price began to decline.
Blockchain comes to a halt, altcoin price declines
The Open Network Blockchain saw long delays in transaction processing earlier this week after a protocol inspired by Bitcoin Ordinals went live. According to messages from TON developers and users on Telegram, the problems started on Tuesday. More than 2.5 million transactions were pending as of Thursday afternoon, according to data from dTON, which tracks the state of the blockchain. According to dTON, the speed of the altcoin project has dropped below 1 transaction per second. This is a fraction of TON’s maximum speed, which was reportedly recorded at around 100,000 TPS during a “public stress test” in early November.
The congestion became so severe that Wallet and Tonkeeper, the most popular wallets for the TON cryptocurrency, temporarily paused services. “Generating over 2 million transactions increased our network usage by 61x in just half an hour,” reads a post on the TON Community Telegram channel, which has over a million subscribers. Following these developments, the altcoin price entered a downward trajectory. TON decreased from $ 2.31 to $ 2.24. However, it later recovered. The token was trading at $2.28 at press time, down about 1% on a daily basis.
The team made a statement on the problem caused by TON ordinals
The blockage occurred following the launch of Tonano, which was inspired by Bitcoin Ordinals. Tonano is a Blockchain token creation service using the TON20 token standard on the TON Blockchain. The altcoin project noted in a statement that Tonano was launched on Monday. However, he stated that he had to stop printing money on Thursday.
A technical report was published anonymously on the Telegram blog platform on Thursday. This report attributed the congestion to “validator nodes running on weak hardware.” The altcoin team announced that a patch has been released to fix the problem. He also emphasized that he will introduce tougher penalties for late validators in the future. In this context, the team made the following statement:
These validators rented hardware for low load without any provision for load increase. This was not a problem as the network had been operating at low load in the previous months. As soon as the load increased by 50-100 times in 30 minutes, these validators began to slow down the entire network along with them.
The trouble with blockchains?
As you follow from Kriptokoin.com, the inscriptions and the way they fill the Blockchain with data are the subject of debate. The Bitcoin community, where this format first appeared, is still discussing this issue. Recently, this format started to be used on Polygon Blockchain. , also caused Polygon’s transaction volumes to increase, but it did not stop Blockchain.
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