Analytics Insight brings the biggest cryptocurrency glitch that shocked the world

From 2008 to 2021, the crypto market is on the surge. But it is the Covid situation that made people look into this crypto market. Cryptocurrency can be a world of wonders but also a world of ups and downs. With an unsteady crypto market, you have to have good timing, knowledge, and global awareness to become a success. Cryptocurrency used to be seen as an esoteric, far-fetched investment. That image has changed, however, and now many ordinary people are getting into the game. How do they do it is up to them. Are you ready to step into this high-risk market of cryptocurrencies? And more importantly, are you ready for inevitable glitches?

The glitch is a black eye for cryptocurrency platforms. At the beginning of October 2021, decentralized finance platform Compound made a costly mistake after a bug in a recent update sent cryptocurrency worth almost $90 million to users, leaving its creator's CEO begging users to voluntarily send it back. But that wasn't the last time.

On October 21, 2021, the entire crypto market turned upside-down when FLOW took over the first potion in the rankings on the official website of coinmarketcap.com. Flow's market capital was US$43,844,606,163,742,888, and the global crypto market cap was US$43,933T. This glitch definitely shocked many people, but soon this mistake was corrected where Bitcoin still holds its table's topper position, and Flow went back to its actual position and market capital. Also, the global crypto market cap is US$2.62T that has observed a 3.55% increase over the last day.

What is Flow?

Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot.

FLOW Token

The FLOW token is the native currency for the Flow network and the keystone for a new, inclusive, and borderless digital economy. If Flow is the digital infrastructure, FLOW token is the fuel that powers the network. FLOW is the currency required for the network and all the applications on top of it to function. FLOW is designed as a payment method as well as a long-term reserve asset for the entire Flow economy. The token is used by validators, developers, and users to participate in the FLOW network and earn rewards. It is also used for fees and to participate in future protocol governance.