The post Layer 1 Canto Outage Incident Causes Network Downtime After New Upgrade appeared on BitcoinEthereumNews.com.

Key Points: The Canto Layer 1 blockchain experienced an outage following its “Callisto” upgrade on Sunday. The Canto outage incident mitigation plan will be deployed today at 12:00 UTC. Canto, a Layer 1 blockchain that lives on the Cosmos network, faced a giant outage following its “Callisto” upgrade on Sunday. Read more: Canto Network Review: Layer-1 Based On Cosmos SDK Promises New Future For Defi Canto Outage Incident Appeared After “Callisto” Upgrade Block explorers show that the Canto mainnet went out of order at 18:43 UTC on Sunday. Since then, no new transaction has been processed on the blockchain following the Canto outage incident. Canto took to its X account to address the issue on Sunday afternoon and claimed that the cause of the downtown was a “consensus issue.” The platform says another follow-up upgrade to resolve the Canto outage incident is scheduled for Monday at 12:00 UTC. Further seeking to reassure users that their funds were secure despite the disruption, Canto maintains all funds are secure. Canto: The Layer 1 Towards Absolute Decentralization Canto​ is a Layer 1 blockchain project developed with the goal of realizing the DeFi vision. The blockchain has the characteristics of being accessible, transparent, decentralized, and free. Unlike most projects, Canto does not enjoy venture capital funding. The ideal backers that Canto received in the early days only took 2% of the blockchain’s initial supply. On the development team, there are people from Plex and Neobase; one of the more visible contributors is Lewis. Although Canto had plans to shift to Ethereum as a Layer 2 network last year, it opted to remain a Layer 1 blockchain. At the moment, $16.3 million worth of DeFi assets are being processed on the current network, according to statistics provided by DefiLlama. Now, the blockchain community is likely…

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Filed under: News - @ August 12, 2024 3:10 am