Beam Experiences Blockchain Stoppage
Beam, the privacy-oriented cryptocurrency reported earlier in the morning that its blockchain technology is experiencing some technical difficulties.
This was announced on the private firm’s official Twitter account on Monday, saying that its network “stopped at block 25709” and that it was investigating the matter.
Its GitHub page puts the error down to a bug involving “improper block generation upon cut-through of old-new UTXOs.”
After some few hours, it posted another update saying:
“Issue identified and fix found. Funds are safe. Commit to GitHub in the coming hour. Binaries and detailed Post-mortem later today. Thanks for your patience and stay tuned.”
During its January launch, Beam was the first cryptocurrency based on Mimblewimble – a protocol that makes transactions confidential and virtually untraceable.
Beam has now announced: “The fix was committed on Github. We will be performing additional testing. We will release the binaries in the coming hours. Thanks for your patience.”
Since the launch, Beam has faced some technical issues. On Jan. 9, the team discovered a “critical vulnerability” in its wallet software and users were asked to immediately uninstall the wallet app and re-download a patched version from their website.
Beam’s developers said at the time that, had it been that the critical bug wasn’t quickly detected and fixed, it could have put users’ funds at risk by allowing attackers to modify transactions and subsequently send funds directly into their own wallet.
Last week, another privacy cryptocurrency based on Mimblewimble technology, Grin also went live. While it has seen high interest from cypherpunks, several VC funds were planning to mine the crypto.