Investing.com – is undoubtedly one of the most innovative blockchains in the world. No other proof-of-stake or proof-of-work network is capable of processing 65,000 transactions per second, even remotely. At the same time, there are no significant costs per transaction.
Considering this, the still very young blockchain has been gladly called the “Ethereum killer”. It is able to do what may not be able to do, even moving to proof of stake.
For some time now, however, this brilliant image has been losing its luster, as the Solana platform also has some problems.
Apart from security-related flaws, which have already led to a $300 million hack, the network regularly suffers from bots. Until recently, all activity was brought to a standstill for seven hours, as more than 4 million auto-generated transactions per second brought everything to a standstill.
Ethereum is not efficient, but works stably
It seems that Solana got her priorities wrong during development. Work did not begin until several years after Ethereum became operational. A huge advantage, because while Ether still struggles today with its problems inherited from the past, the developers of SOL could have learned from the difficulties of other blockchains and proposed solutions.
The reality, however, is different. The problems are so great that the blockchain regularly suffers blackouts. On social media, there are even jokes that Solana should introduce opening hours for the operation of the network. But all this should not have been necessary. The best proof of this is the first community version of the blockchain – SafeCoin.
Its developers took Solana’s original Proof-of-History-Timing mechanism as the basis for their own blockchain. Inefficient code has been optimized so that all known issues cannot occur.
At Solana, on the other hand, the emphasis is on developing an artificial ecosystem that is anything but decentralized. It is based on hundreds of redundant validators managed by a select group of companies. Efficient processing of blocks and transactions plays absolutely no role.
It was precisely then that SafeCoin embarked on development work and was able to design an improved algorithm. For the uninitiated, this fact translates to significantly lower hardware requirements for operating a validator.
While SafeCoin even runs on old laptops with a dual-core processor and 8 GB of RAM, a Solana validator requires at least a 12-core processor and 128 GB of RAM.
SafeCoin has thus achieved one of its main objectives, namely to improve the accessibility of blockchain technology. Thanks to the code review, people living in developing countries now have the opportunity to start their own project and generate income on a simple computer.
Ultimately, it will allow to talk about a real decentralized blockchain when the number of active real participants continuously increases.
The fact that the Solana blockchain more or less regularly has performance problems or goes offline is a homemade problem. As already mentioned, the focus is on an artificial ecosystem – a kind of fictional economy. Many transactions are automated and only serve to externally reflect high activity and potential performance capacity.
This is the marketing strategy adopted from the start, which is why the transaction costs have been set at 0.000005 SOL, which is tiny. This leaves the door open to bots, as was the case last weekend.
SafeCoin still offers very competitive transaction fees at 0.0001 SAFE, but they are so high that bots can no longer be operated profitably. Moreover, the power consumption of a transaction is only 0.0000027 kW, which probably makes it the greenest blockchain in the world.
And yet, hardly anyone knows about this blockchain. This is simply explained by the fact that it is not a commercial project. These are usually funded by token sales or, as in the case of Solana, have a generous billionaire on board handling the marketing.
But there is already at least one client company, PowerLedger, which recognized the immense advantages over other blockchains. Originally, PowerLedger launched their project on Ethereum, but found that the terms and conditions were not conducive to their core business, which is reading digital electricity meters.
Will the SafeBridge help the SafeCoin blockchain break through?
It may well be that SafeCoin will soon be more in the spotlight, because with the SafeBrige the world’s first chain bridge has been developed. Apart from interoperability with other blockchains, it offers functionality that no other bridge has. The exchange of assets between the different chains of Solana.
The market for bridges is generally quite clear. According to debridges.comthere are currently only three that can link Solana to Ethereum.
SafeBridge is already running on a public testnet and will be the fourth bridge connecting Solana to Ethereum.
During development, the main focus was on safety. The Wormehole hack, during which more than 300 million dollars disappeared, would have been impossible with the SafeBridge, as Jeff Galloway had already explained to us in a previous interview.
The SafeBridge could change everything. It serves as the basis for other products such as the decentralized exchange (DEX) SafeSwap and an NFT platform, both of which are already in the works. At the same time, existing projects on other blockchains will have the opportunity to consider a move, as PowerLedger has done successfully before.
Currently, the market capitalization of SafeCoin amounts, according to Coinmarketcap, to almost 7 million euros, while of the maximum 36 million coins, less than 30 million are still in circulation. Solana’s market capitalization is over €28 billion and over 300 million coins are circulating there. There is no maximum limit. So there seems to be some wiggle room upwards.
Thursday, May 5 will see the official launch of the world’s first on-chain bridge SafeBridge on the Mainnet. This launch will be accompanied by a live AMA, during which anyone interested can ask questions. on Youtube.
By Marco Oehrl
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Ethereum: World’s First On-Chain Bridge to Solana Could Change Everything By Investing.com
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