Cynics may get the impression that the coordinator Coordicides don’t want to give up alone. In any case, the IOTA network has been standing still since the early hours of the morning. The IOTA Foundation’s official Twitter account made a general statement:
Our team is investigating the current Mainnet situation. We will keep you posted!
– IOTA Engineering (@iota_dev) December 29, 2019
Specifically, there appears to be a problem with monetary transactions. The coordinator currently does not seem to be able to finally confirm this. No milestones are currently being generated, the last one was created at four in the morning.
Although data transactions continue to be sent, these are transactions in which no IOTA tokens change hands. There is therefore no need to finalize this via a milestone. And here, too, the transaction rate is rather low:
David Sønstebø: Don’t panic, but bad timing for IOTA
David Sønstebø, one of the brains behind IOTA, decided to do so expressed, The current problems, according to David Sønstebø, are currently uncomfortable because many developers are currently on vacation. The timing is annoying. But in his opinion, such problems are in the run up to the Coordicides expected. They show why switching off the coordinator too quickly would be a bad idea. In his opinion, there is no need to panic. The funds are secure, although not currently transferable. In this respect, the situation is no different from spam attacks on the network, which also made transactions impossible.
Ultimately, the current problem also illustrates the need to switch off the coordinator. If the system is really decentralized, such problems should be a relic of the past. With the Tangle, IOTA has created a new decentralized system, so that the use of it to express it with the Lightning community is still #reckless is. Accordingly, you should enjoy the time between the years, not immediately think about a panic sell and wait and see how the developers continue.