Can Solana be an influential PoS chain despite constant disruptions?

Can Solana be an influential PoS chain despite constant disruptions?

Like most New Age networks, Solana was created to address the major problems facing the blockchain industry. Although the network has solved some of these problems by its very nature, it has encountered some unique problems.

From resource depletion to block confirmation barriers, the Solana network has faced numerous setbacks that have resulted in repeated disruptions, with the network shutting down for hours on multiple occasions.

The network shut down on December 4, 2020, almost three years after Solana was launched, causing confusion in the community.

The chain appears to have blocked the validity of the new block at slot 53,180,900 by preventing transaction confirmation. Network engineers discovered and fixed the problem, but it was off for about six hours.

In addition, on September 14, 2021, the official Solana Support Twitter account Published That network was feeling “unstable” for about 45 minutes

According to the report, the hard work of the resources was a possible cause of this problem which led to the denial of services. According to the support account, engineers were working on the issue and looked into the possibility of rebooting if it continued.

Network recently Another hurdle has been encounteredThis is the seventh time it has been shut down. This time around, the problem was caused by bots launching a large number of transactions at Metaplex, a non-fungible token (NFT) marketplace built in Solana. The break lasts about seven hours.

According to Solana Portfolio Manager – George Harap, co-founder of Step Finance, Solana validators are currently being delayed because bots are spamming NFT coins and arbitration transactions. They have huge bandwidth requirements, so they have a significant number of effects.

“Solana is not a centralized entity that can make decisions with one person. It depends on the 1700+ verifiers to decide what to do. Many of them are implementing the amendments and agreeing on what should be done in the best interests of the network, “Harap told Quintelegraph.

“According to Nansen’s research, Solana typically has 10 times more transactions than Etherium. This means that Solana is dealing with claims that other blockchains have not faced, and this is a new territory. So hiccups are expected.”

Although Ethereum’s OpenSea is by far one of the most well-known NFT marketplaces, the Metaplex built on the Solana network is slowly gaining traction and allowing users to create and sell NFT on the Solana blockchain.

Given Solana’s recent market volatility and ongoing blackouts, though, it should come as no surprise that some users are starting to reconsider.

Harap added that “some validation node updates are currently underway and are being researched to fix this. This is mainly in the form of new communication protocols between the nodes (such as QUIC) and changes to candy machine contracts used by NFT miners, where a fee has to be paid for a failed transaction.” . “

Solana wants to deal with blockchain trilogy

Solana went into full operation two years ago. The network is considered one of the Ethereum killers by the crypto community. These Ethereum Killers are networks that aim to surpass the Ethereum blockchain in adoption, resolving some of the problems arising from the current heavy reliance on the Ethereum blockchain on the proof-of-work (PoW) Consensus mechanism.

The Solana blockchain was designed with Trilema in mind, an idea proposed by Vitalic Buterin, a Russian-Canadian programmer and co-founder of Etherium.

According to the blockchain trilogy, decentralization, security, and scalability are the three main characteristics of a successful blockchain, a typical blockchain will be able to deliver two of them at a time.

Solana Network aims to solve this by embedding a proof-of-history (PoH) mechanism in the proof-of-stack (PoS) blockchain. With PoH, the network assigns a central node to determine the timing of a transaction that the entire network can agree on. It speeds up transactions but sacrifices decentralization, which is a key feature of a blockchain.

According to Hisham Khan, founder and CEO of Aldrin, users are turning to solutions for Ethereum, along with Tier 2 and other Tier 1s such as Avalanche. However, it does not actually solve the current problem of scalability, transaction cost and speed. He told Cointelegraph:

“If you look at transactions every second, Solana is consistently in the top five. To evaluate how promising an ecosystem is, look at the number of developers Surprisingly, Solana continues to grow with most developers joining. “

“Measurable and stress testing is a necessary part of the process of shaping the ecosystem to maturity – we are not only doing financial transactions, but also working on initial DEX offers, NFTs, bots and more,” Khan said. In five years, as in the early days of the Internet, there is still room for improvement in the user experience and backend.

Concerns have been raised about whether the Solana network is really decentralized. While most crypto enthusiasts acknowledge the network’s low fees and significant scalability, they argue that the network is not completely decentralized, citing reliance on PoH, allocating about 50% of tokens to insiders, and reliance on the Solana Foundation for cryptocurrency. Core node development.

And despite all this, its scalability still seems to be in doubt. In early January 2021, the official Solana Support Twitter page Recognized Performance reduction, which translates into a reduction in the throughput of transactions across the network. According to the tweet, the network’s capacity has been reduced to “a few thousand transactions per second”, resulting in some user transactions failing.

Solana uses a proof-of-stack mechanism, which means that users can add their native Solana currency (SOL) to the pool to win prizes. These coins are commissioned to verifiers to increase the impact of their research on blockchain consensus. It confirms the order of transactions produced by the fast running PoH generator, selects new PoH generators and punishes the corrupt verifiers.

Although many users have taken advantage of Solana’s stocking opportunities, primarily as a secondary source of income, some users on Solana’s official Reddit channel have reported problems with stocking their SOL using Solana’s Munlet Wallet and Phantom Wallet.

I have to go far

Solana Ecosystem has developed a number of decentralized applications (DApps), including apricot finance and lending protocols such as Francium, decentralized financing (DeFi) projects such as Orca, Saber, and Raydium, NFT Marketplace such as Metaplex and Solan3. Such as Audius and Brave Browser.

However, with only 71 projects, the ecosystem falls far short of a larger ecosystem like Etherium, which has about 3,249 projects.

Orca, a decentralized exchange in the Solana blockchain, has been the most used DApp in the Solana ecosystem for the past seven days. Orca has 272,000 users, with NFT Magic Eden’s Marketplace in second place with 121,000 users.

In contrast, the most popular DApp for Ethereum ecosystem in the last seven days was the NFT OpenSea Marketplace with around 148,000 users, with Ethereum Ecosystem (TVL) having a total locked value of অনেক 113 billion, far more than its competitors. , According to DeFiLlama TVL DeFi Aggregator platform. Solana TVL has 6 billion.

The Solana network’s promise has attracted low-fee developers and users, but frequent network disruptions have hampered overall network usage and isolated some potential stakeholders that have hampered ecosystem growth.

Promising updates up front

In response to these concerns, Solana Labs – the technology company behind the Solana blockchain – has unveiled plans for a “flow control” update that will potentially address this growing concern of network disruptions.

Austin Federer, CEO of Solana Labs Communications, CEO Anatoly Yakovenko, and other members of the Solana development team were welcomed on Twitter at a Twitter spaces session earlier this year. To discuss Possible solutions. It came only after the network suffered multiple blackouts in January, leaving users worried.

Yakovenko said during the session that there were plans to implement updates to help resolve these issues and that they would be released in the coming weeks. He also mentioned that some of these have been implemented.

It would not be unreasonable to expect significant improvements in the stability of the Solana chain in the coming months, mainly because it is still in its infancy and should have some time to develop. However, the problems seem to be unique to the network, raising questions about whether they will be resolved in the crypto space.

In a more technical sense, it can be argued that the current version is still in beta and the full version will include updates to address these issues. However, in response to a Reddit post, a Solana moderator revealed that “beta” attached is “just a word that can be removed at any time.”

In April 2021, there was a proposal to implement an on-chain governance protocol to allow currency holders to democratically influence chain upgrades. This will help holders and stakeholders to make upgrade decisions.

Solana is growing, and with a market cap of $ 30 billion, the domestic currency SOL ranks sixth among the most valuable of all assets.

According to a recent Finder survey, the SOL price is expected to reach $ 222 by the end of the year. Despite obstacles that seem unique to the network, the rapid growth of the ecosystem has led to the belief that Solana could one day become one of the dominant PoS chains. The harp concludes:

“Solana, unlike other PoS systems, does not agree with PoS, but is trying something new. It remains to be seen whether this will stand the test of time and scale. “

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