The lead developer of memecoin Shiba Inu (SHIB) says that web3-based operating systems are now needed after banks and other networks suffered a massive global outage last week. In a new post on the social media platform X, Shytoshi Kusama says that a decentralized web3 operating system could counter events such as the latest outage, […]
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U.S. Senator Cynthia Lummis has emphasized bitcoin’s resilience as a form of currency unaffected by widespread cyber outages. Her remarks followed major system failures linked to Crowdstrike, which impacted multiple sectors and have been described by some as “the largest IT outage in history.” Bitcoin’s Stability Highlighted During Major System Outage U.S. Senator Cynthia Lummis […]
Although no major crypto exchange was affected by the CrowdStrike downtime, analysts provided possible impacts in a case where they are.
The recent data blackout CrowdStrike experienced has raised questions about its potential impact on various industries, including cryptocurrency firms. Blockchain researcher and ex-CEO of Naijacrypto Chiagozie Iwu provided insights into how the disruption could have affected crypto companies and offered recommendations to mitigate associated risks.
Speaking with Cointelegraph, Iwu pointed out that blockchain-native companies, which operate on decentralized networks, are inherently more resilient to such disruptions. “For blockchain-native companies, they have nothing to worry about as the elements of node-based decentralization mitigate this risk,” he said.
However, he cautioned that centralized crypto platforms could be vulnerable to similar issues in the future. He suggested that institutions might start considering decentralized cloud-based architectures, like those of the internet Computer (Dfinity), to bolster their resilience.
Many crypto community members noted that blockchains’ decentralized nature allowed them to continue running despite widespread outages across the global economy.
Members of the crypto community took to social media on July 19 expressing a feeling of triumph as blockchain networks like Bitcoin and Ethereum remained running during one of the largest information technology outages in history.
Despite the shutdown of many courts of law, healthcare providers, airlines and other essential social services, users were still free to transact on crypto and blockchain networks.
Former Bitcoin Core and Linux kernel developer Jeff Garzik noted the contrast between the widespread outages in centralized services while blockchains continue to run smoothly. In a post on social media platform X, he stated “Global IT outage: Linux, Bitcoin and Ethereum unaffected.”
US banks are scrambling to recover from a massive computer outage that’s disrupting financial transactions around the world. Customers at JPMorgan Chase, Bank of America and Wells Fargo are reporting major, ongoing outages, according to the network tracking service DownDetector. The historic outage, which has hammered banks, airlines outage and scores of other businesses, was triggered […]
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