GIFX exchange has moved successfully to the new blockchain node after 48 hours of downtime / Photo file GIFX exchange downtime started on 20...
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| GIFX exchange has moved successfully to the new blockchain node after 48 hours of downtime / Photo file |
''GIFX exchange is apologizing for the inconvenience and do understand your patience at this time while our technical team busy working around the clock to make sure, you get access to your assets and the trading platform''
Such a statement is an expression of understanding and support of users. The downtime also affected other trading platforms such as Coinbase, Thodex, and a list of many others. Traders were blocked from trading and withdrawing their funds.
Berlin Hard Fork
The Berlin hard fork is a network upgrade that incorporates four major Ethereum Improvement Proposals (EIPs) that tinker with gas prices and allow new transaction types. The upgrade is a stepping stone to the much bigger London hard fork, which will activate EIP 1559, a momentous (and controversial) change to Ethereum’s fee structure.
The Berlin hard fork, named for the capital of Germany, ''Berlin'' that played host to the first Ethereum DevCon, that was originally scheduled for July 2020 last year but was delayed owing to centralization concerns around the Geth client on which most Ethereum nodes operate. Introducing this hard fork means that old Ethereum clients will be obsolete and shall be no longer compatible with upgraded ones, is one of many on the road to Eth 2.0, Ethereum’s herculean leap from proof-of-work to proof-of-stake.
The cortex of this new network, the Ethereum 2.0 Beacon Chain, currently holds over $8 billion worth of ETH. The smart contract is like a bridge between the current Ethereum and Ethereum 2.0 blockchains, and it holds various deposits of the 32 ETH needed to run the validator nodes on the new network (these validators take the place of proof-of-work miners. Berlin will be followed by London in July, which is expected to incorporate EIP-1559, a proposal that will reduce the supply of ether and improve gas fees.
Why there was a downtime?
Each software system needs updating and constant maintenance, usually a brief and unnoticeable episode. In the brave new world of cryptos, software updating occurs frequently and moving to a new block that has been developed like the Berlin hard fork. is an utmost action required by each and everything trading platform on the Ethereun blockchain ecosystem. Nowadays, cryptocurrency investments are on the rise and new users are signing up every day. The high enthusiasm demand may catch the exchange unprepared, leading to a collapse of their systems.
This virtuous cycle for cryptocurrencies becomes a vicious cycle for exchanges that are not ready to scale up to growing demand and they eventually collapse if they don't have the capability to handle the growing needs and technical requirements.
Market Price
Before the downtime, GIFA Token was trading around $314.20, and now the price is rebounding to $361.271, with a $47.03 increase at the time I write this article. The exchange got more than 40,000 users, and over 1,000 are active institutional investors. Indeed, this is a wonderful milestone for the newly introduced Northern Cyprus-based crypto exchange, that was just launched in 2020 with a $1.00 price tag.