Business & Finance

Crypto Based STEEM Comes Back to Life After Bug Attack

Calling all Steemit users! The Steemit network, just earlier today announced that the platform is up and running fully functionally after it faced a bug debacle during the weekend, which now has been patched by the team.

Steemit, the blockchain-based blogging and social media website, is rather famous in the crypto space. Especially because of its rewards system, whereby users can earn the native cryptocurrency dubbed STEEM, for publishing and curating content on the platform. It is slightly similar to EOS because it is based on a series of node operators and block producers that allow for greater transaction capacity.

The New York-based platform became the target of a bug that was related to Steemit voting system, which due to errors was compromised and resulted in rewarding potentially trillions of STEEM tokens foe up voting.

According to reports abnormal rewards and the potential payout caused the entire blockchain to freeze up, effecting the social media platform and Steem Monsters, a decentralized, digital collectible trading card game built on the Steem blockchain.

The bug in the curations reward curve of the platform was rather difficult to detect. The official announcement by Steemit explained that the reason behind this difficulty arose because the problem was not rooted in the mathematics backing the curve.

The bug was the result of a subtle behavior in the new curation rewards curve that lead to votes being able to have a curation reward weight of -1

The reason the blockchain froze up was that this attempt was caught by other assertions, which then further instructed the blockchain to cease the block production. The halt was actually a defense mechanism in order to prevent the unintended behavior from impacting the award distribution, the post explained.

READ ALSO: Elliptic Raises $23 Million to Minimize Crypto Frauds in Asia

The Steemit team claims that now, all the services have been restored and operations are seemingly stable. However they emphasized that a through investigation will be conducted soon, after which they would disclose more information to the public regarding this incident.

For now, the team revealed that they were quick to develop a patch and the upgrade did not require a hard fork. But the Steemit team didn’t have it all easy as the upgrade did require a replay of their nodes which are used by steemit.com and other Steem applications like Steem Monsters. The report further read:

Witnesses upgraded using the patch and resumed block production on September 2nd at 06:26:42 UTC. Around 13:00:00 UTC on September 3rd Steemit and the Steemit API services were restored after replays were completed.

Additionally the report explained the dynamics of the new fix, which creates a floor for curation reward weight in such cases to 0. This can only happen in a situation when votes are allocating fewer shares and would not receive a reward, hence forcing the value to 0 will not impact how rewards are allocated.

But at the end of the day, this bug debacle did have a negative impact on STEEM in the market. According to reports, following the network freeze over the weekend, the prices stumbled, pushing STEEM down around 90% from last summer’s levels.

READ ALSO: Putting Cannabis on Blockchain – Is This Australian Company High?

This wasn’t Steemit’s first rodeo with technical glitches. Back in 2018, a software update threw the entire network into disarray, as pages from the Steemit social network stopped loading. The developers announced that they were hard at work, trying to solve these issues and after 10 hours of work, the team announced that its block producers were slowly coming back online, getting the site working as it should, though Steem’s own node still had yet to return. The team shared:

Status update: Witnesses are coming back online and producing blocks. Network is becoming more stable. We’re working on getting our node back online with a fix.

But back then STEEM recovered like clockwork after the network came back online, where the coin experienced a boost from about $0.70 to around $0.85 by the afternoon.

Such technical faults remain a consistent problem in the crypto space and the Steemit team also apologized to its users for the inconvenience they may have faced.

READ ALSO: Pacquiao Throws a ‘Crypto Jab’ – Mass Adoption Finally on the Cards?

Tags

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.