Stellar is a fiat to digital currency exchange platform that has been operational since 2014. The platform makes allowance for both international and local fiat-to-crypto and crypto-to-fiat conversions. According to some technical analysts, the Ripple network is more centralized than Stellar, which makes it a good contender in the crypto space. There have been speculations that the XLM, the native token of Stellar, could climb to the 1 USD mark in the current year.
However, at the moment, the progress train of Stellar has taken an unexpected turn. It seems that there had been a slew of technical difficulties plaguing the network since Tuesday. Although the Stellar network is still online, many investors are unable to access XLM at various crypto exchanges.
Is Stellar Going to Recover from its Technical Stoppage Soon?
The Stellar Department Foundation or SDF engineering team is on the case and looking for possible solutions to remedy this situation. The foundation detected some signs of trouble on Tuesday when some of its nodes went offline and created a transactional disruption. Upon further inspection, it was discovered that validator nodes have stopped approving transactions and the public horizon API instance also went down.
The response team at SDF has adapted to Tier 1 validations on the network to ensure the continuation of transactions. The developer pages of SDF states that the engineering team at SDF has been looking for ways to restore the dropped nodes from the network, but they are unable to device an ETA at the moment.
Are Crypto Exchanges Putting a Halt on XLM?
The Stellar network made some noise in the previous week when the news of America’s singing sensation Akon was planning to launch a new altcoin Akoin on its ecosystem was issued. However, today the blockchain is dealing with some unexpected technical obstacles in its way. In the aftermath of the node conundrum, some exchanges have put a halt on XLM transactions until further notice.
Crypto exchange Bitstamp issued a statement declaring the investors would not be able to access or deal in XLM due to the recent issues with the Stellar network. Meanwhile, another crypto exchange Bitfinity has also acted likewise. The good news is that the @StellarORG network has managed to stay online. The last transaction on the digital space was registered five hours ago. However, public block explorers currently show transactions taking place on the network.