Altcoins network celo Blockchain is experiencing downtime as the production of new blocks on the network suddenly stops.
The network stalled at block #14,035.19. Meanwhile, all of the various apps on the chain are unusable.
Restarted Altcoin Network Stopped Again Shortly After
According to the altcoin network’s official block explorer, Celo’s Proof of Stake network was unable to verify new transactions for 9 hours. However, after this process, the network could be restarted for a few minutes, and the network stopped again at block #14,035,044.
In Celo’s most recent statement, it was stated that the network’s validators are working on a fix to bring the network online. The team has yet to specify a reason for the outage.
Cryptocurrency The developer team used the following statements in a statement on Twitter:
“Verifiers are working to detect and fix the problem. All funds are safe. Updates will be provided as soon as possible.”
The Celo network has stalled at block 14,035,19. Validators are working to identify and resolve the issue. All funds are safe. Updates will be provided as soon as possible.
— Celo (@CeloOrg) July 14, 2022
While this is the first network outage for Celo, the main team has previously encountered technical issues with a bridge of the network.
In November 2021, Optics, Celo’s bridge to Ethereum and Polygon, experienced a critical security bug that required an urgent update.
Celo is an Ethereum Virtual Machine-compatible Blockchain that raised $25 million from venture firms including Horowitz and Polychain Capital in April 2019.
As of today, Celo is home to Ethereum-based decentralized exchanges such as Uniswap and Sushiswap.
It also includes native apps like Valora, Mento, Moola Market, UbeSwap, and Mobius Money.
*Not investment advice.