RVN PLUNGES NEARLY 20% AS RAVENCOIN FACES A POTENTIAL BLOCKCHAIN REORGANIZATION ⚠️
Ravencoin (RVN) is facing a serious network incident as its blockchain could potentially be reorganized by roughly three days. The issue stems from a vulnerability in the network's validation mechanism that allowed blocks failing to meet all required conditions to be accepted by some computers on the network.
According to the Ravencoin team, block 4,487,775 is currently considered the last block that is certainly valid. The first invalid block appeared at 4,487,776, at approximately 10:44 a.m. Vietnam time on August 7.
The major concern involves transactions recorded after block 4,487,775. If the new blockchain being built by two major mining pools, 2Miners and RavenMiner, becomes the dominant chain, the network could revert to that block and transactions afterward would have to be processed again.
Ravencoin uses Proof-of-Work, meaning the chain supported by greater computational power has the advantage. The two mining pools are currently working on a replacement chain that removes the affected branch.
The market reacted almost immediately. RVN plunged by around 20%, while the biggest concern extends beyond price volatility. Transactions confirmed after August 7 could potentially be removed from the revised blockchain, returned to the processing queue, or fail to receive confirmation again.
Ravencoin has recommended that exchanges suspend RVN deposits and withdrawals until the network stabilizes. Some platforms have already disabled RVN transfers.
This is also not the first major security incident involving Ravencoin. In 2020, another vulnerability was exploited to create approximately 315 million unauthorized RVN, equal to around 1.5% of the maximum supply.
Is this incident simply a temporary reorganization, or could it become a much larger blow to confidence in Ravencoin? 🤔
Please do your own research carefully before making any transactions (DYOR). $RVN $BTC $BNB
Ravencoin (RVN) is facing a serious network incident as its blockchain could potentially be reorganized by roughly three days. The issue stems from a vulnerability in the network's validation mechanism that allowed blocks failing to meet all required conditions to be accepted by some computers on the network.
According to the Ravencoin team, block 4,487,775 is currently considered the last block that is certainly valid. The first invalid block appeared at 4,487,776, at approximately 10:44 a.m. Vietnam time on August 7.
The major concern involves transactions recorded after block 4,487,775. If the new blockchain being built by two major mining pools, 2Miners and RavenMiner, becomes the dominant chain, the network could revert to that block and transactions afterward would have to be processed again.
Ravencoin uses Proof-of-Work, meaning the chain supported by greater computational power has the advantage. The two mining pools are currently working on a replacement chain that removes the affected branch.
The market reacted almost immediately. RVN plunged by around 20%, while the biggest concern extends beyond price volatility. Transactions confirmed after August 7 could potentially be removed from the revised blockchain, returned to the processing queue, or fail to receive confirmation again.
Ravencoin has recommended that exchanges suspend RVN deposits and withdrawals until the network stabilizes. Some platforms have already disabled RVN transfers.
This is also not the first major security incident involving Ravencoin. In 2020, another vulnerability was exploited to create approximately 315 million unauthorized RVN, equal to around 1.5% of the maximum supply.
Is this incident simply a temporary reorganization, or could it become a much larger blow to confidence in Ravencoin? 🤔
Please do your own research carefully before making any transactions (DYOR). $RVN $BTC $BNB