Electroneum (ETN), which has only a ‘E+’ rating from Weiss rating agency, is facing network related issues, with transactions pending for days. The blockchain project, which has faced numerous issues in the past, including compromised emails, wallet and mining problems, is struggling to gain momentum as the Electroneum team is yet to resolve the issue.
The last 11 blocks indicate a time lag, sometimes even in hours. According to the Electroneum team, the slowdown is caused due to a low hashing power and a difficulty that will not undergo a downward correction for a minimum of 30 blocks.
Disappointed cryptocurrency investors, and enthusiasts have named the issue as “blockchain death spiral”. However, the Electroneum team has announced that the slowdown will not last longer. The Electroneum cryptocurrency has a considerable support from cryptocurrency investors as many consider the concept of mining through mobile phones as a unique concept. However, time is running out for Electroneum due to low price of ETN token and lack of high volume exchanges.
Bitcoin Cash (BCH) faced a similar problem, but was resolved by moving to a faster mining algorithm. The slow blocks issues arise in Electroneum because its difficult adjustment includes a waiting period. There may be additional problems as well.
To solve the problem, the Electroneum team has made the network to mine empty blocks for nearly three days. Reddit community has also pointed out that there are additional bugs in transaction handling mechanism. This means it may take more time for the Electroneum team to resolve the issue once and for all. Only time can tell whether the project is going on a right path or not.
hi all! Technical Update
Just to let you know we’re working with nanopool to deliberately mine empty blocks (easier) to get us through the high difficulty figure that’s a legacy from the ASICs. We’ve helped get the hash rate up to 30MH/s and need to break another 60 blocks.— electroneum (@electroneum) June 2, 2018
