Can Solana become the dominant PoS blockchain despite persistent outages? – Mag Mirror





Like most new age networks, Solana was developed to address major issues facing the blockchain industry. While the network solved some of these problems by its very nature, it also encountered some unique issues.

From resource depletion to block confirmation halts, the Solana network has suffered a number of setbacks that have resulted in repeated power outages, causing the network to shut down for hours on multiple occasions.

The network went down on December 4, 2020, about three years after Solana was introduced, causing confusion in the community.

The chain appears to have stopped validating new blocks at location 53,180,900, preventing transaction confirmations. Network engineers discovered and fixed the problem, but the channel had been down for about six hours.

Additionally, on September 14, 2021, Solana Support’s official Twitter handle revealed that the network had been experiencing “intermittent instability” for approximately 45 minutes.

According to the report, resource exhaustion is a likely cause of the problem that led to a denial of service. According to the support manager, engineers are working on the issue and investigating the possibility of a reboot if it persists.

The network recently experienced another outage, making it the seventh time it has been disrupted. This time, the problem was caused by bots that initiated a large number of transactions on Metaplex, a non-fungible token (NFT) marketplace built on Solana. The outage lasted about seven hours.

Currently, Solana validators are slowed down, according to George Harrap, co-founder of Step Finance – a Solana portfolio manager – because bots are polluting NFT mint and arbitrage trades. These have immense bandwidth requirements, so a large number has an impact.

“Solana is not a centralized entity with a single person who can make decisions. It’s up to the 1700+ validators to decide what to do. A lot of them are implementing fixes and coming to consensus on what needs to be done for the benefit of the network,” Harrap told Cointelegraph. He added :

While Ethereum’s OpenSea has been one of the most well-known NFT marketplaces so far, Metaplex, built on the Solana network, is gradually gaining traction and allowing users to mint and sell NFTs on the Solana blockchain.

However, given the recent market issue and ongoing Solana outages, it wouldn’t be surprising if some users started to reconsider.

Harrap added that “updates to validator nodes are currently being worked on and researched to address this issue. This mainly comes in the form of new communication protocols between nodes (like QUIC) and changes to the Candy Machine contract used by NFT miners where failed transactions incur fees. »

Solana seeks to solve the blockchain trilemma

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Solana became fully operational two years ago. The network is considered one of the Ethereum killers by the crypto community. See the article: What is the Fantom Token (FTM)? What to know, and some FTM price predictions for 2022. These Ethereum killers are networks that aim to outperform the Ethereum blockchain in terms of adoption by addressing some issues that have arisen due to the current heavy reliance of the Ethereum blockchain on the Proof of Work (PoW) consensus mechanism.

Solana was designed with the blockchain trilemma in mind, a concept proposed by Vitalik Buterin, a Russian-Canadian programmer and co-founder of Ethereum.

According to the blockchain trilemma, while decentralization, security, and scalability are the three main characteristics of a successful blockchain, a typical blockchain would only be able to deliver two of them by sacrificing one.

The Solana network aims to solve this problem by integrating a proof-of-history (PoH) mechanism into a proof-of-stake (PoS) blockchain. With PoH, the network delegates a central node to determine a transaction time that the entire network can agree on. This speeds up transactions, but sacrifices decentralization, which is an essential feature of a blockchain.

According to Hisham Khan, Founder and CEO of Aldrin, users have turned to Layer 2s and other Layer 1s like Avalanche as well as temporary Ethereum solutions. But, this does not really solve the current problems of scalability, transaction costs and speed. He told Cointelegraph:

“Scalability and stress testing is a necessary part of the process to shape the ecosystem to maturity – we not only deal with financial transactions but initial DEX offerings, NFTs, bots and much more” , Khan said. “All these questions might not exist in five years. And, just like in the early days of the Internet, the user experience and the backend can still be improved. Users may not notice the difference, but the process will be smoother as the underlying smart contracts and technology continue to be developed. »

Concerns have been raised about whether the Solana network is truly decentralized. While most fans of crypto-currencies recognize the network’s low fees and noticeable scalability, they claim that the network is not fully decentralized, citing its reliance on PoH, allocation of nearly 50% of tokens to insiders, and reliance towards the Solana Foundation for the development of the main nodes.

And, despite all this, its scalability still seems to be in doubt. In early January 2021, the official Solana Support Twitter page acknowledged a performance drop, which translates into a decrease in network transaction throughput. According to the tweet, the network’s capacity has been reduced to “several thousand transactions per second”, causing some users’ transactions to fail.

Solana uses the proof-of-stake mechanism, which means users can stake their native Solana coin (SOL) in the pool to get rewards. These coins are then ordered from validators to increase their influence in the blockchain consensus. This makes it possible to quickly confirm the sequence of transactions produced by the current PoH generator, select new PoH generators, and penalize dishonest validators.

While many users have taken advantage of the Solana staking opportunity, especially as a secondary source of income, a few users on the official Solana Reddit channel have reported issues with staking their SOL using Moonlet Wallet and Phantom Wallet from Solana.

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Thomas Estimbre
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Can Solana become the dominant PoS blockchain despite persistent outages? – Mag Mirror


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