Steemit (STEEM) Network Is Back After A Minor Glitch


The STEEM network is again down after the network faced glitches as the spokesman of the management reported to the press. This is the second time the network was into disruption due to a bug, after a previous episode in September 2018. Steemit, the blockchain-powered social media, is based on a series of node operators and block producers similar to EOS, which allows for a greater transaction capacity. The system was thrown into chaos around 6:00 pm local time on 2nd September and the Steemit team fixed the issues and fixed the API services around 1:00 pm local time on September 3rd. The bug was related to the Steemit system of votes, which due to errors ended up potentially rewarding trillions of STEEM for upvoting. The anomalous reward and potential payout subsequently made the blockchain freeze. The Steemit social media and Steem monsters were affected. STEEM stock prices fell as the news hit the market and the market confidence started to fall and it reflected on the stock price. The stock price fell following the network collapse. The prices of STEEM stock was down a massive 90 percent and was trading on the price levels as low as $0.15. During the peak market in 2017, STEEM reached a record above $6, with expectations of reaching $10 or more. The price also fell from 45,000 Satoshi to under 1,600 Satoshi. When STEEM was launched, its price went as high as 0.006 BTC.

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Steem Dollars (SBD), the asset that converts STEEM for direct payouts, is currently trading around $0.80. The asset, which was meant to be a stable coin, reached a peak above $13 when its rate was left to fluctuate. Later, SBD crashed and kept near the $1 level for about a year. SBD was delisted from Poloniex, which was one of the chief markets to liquidate the coin, and now sees activity on UpBit and Bittrex, with a handful of niche exchanges.

Source: Block Publisher

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