Solana crypto is a high throughput blockchain based on the Proof of History (PoH) and Proof of Stake (PoS) consensus. Built by a team of networking engineers, Solana aims to become the blockchain infrastucture for modern internet applications.
An investigator from Bank of America highlighted the benefits in terms of scalability and low costs offered by Solana as opposed to other networks, although this one is not exactly free of problems due to its not so decentralized nature.
Bank of Americaone of the most reputable U.S.-based international banks, indicated in a research note that Solana, la red Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. which has remarkable scalability and low cost-per-operation properties, could become the next “Visa” of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem.
Solana urges scalability
The statements ofBank of America came to place in a note published by the researcher Alkes Shah yesterday, where he acknowledged the characteristics that make Solana a very promising project in space Blockchain, with the capacity to process large numbers of transactions as Visa’s network does today.
In this regard, Shah said that since 2020, Solana has experienced a large adoption and by that time had already settled more than 50,000 million transactions, a figure that is equivalent to almost 30% of those processed by Visa between 2020 and 2021. Another aspect highlighted by the researcher has to do with the growth of its ecosystem, which has more than USD $11 billion in total value blocked, in addition to having 5.7 million NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). created and operating on its network, without all this affecting its usefulness to process micropayments and/or serve as a platform a place to buy, sell and store cryptocurrency for games and other applications.
In this vein, Shah commented:
“Solana prioritizes scalability, but a relatively less decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. and secure Blockchain network a network refers to all nodes in the operation of a blockchain at any given moment in time. has both advantages and disadvantages, illustrated by several performance issues it has had since its inception. Ethereum a decentralized open-source blockchain with smart contracts functionality. prioritizes decentralization the handover of control from a central authority to several different custodians. and security, but at the expense of scalability, which has led to long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. periods of network congestion, as well as transaction fees that are sometimes higher than the value of the transaction being sent.”
It’s not problem-free
However, the ideas shared by Shah regarding the operational drawbacks of Solana become evident after the operational problems that the network has faced at certain specific moments.
In that sense, since last November to date, Solana’s network has presented operational problems due to hacks of the following type DDoS, precisely because of the high volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of spam transactions that compromise the performance of many applications and use cases. It is estimated that in the last five months, the Blockchain of the project has already received at least three such attacks.
Despite the flaws and inconveniences, the main directors of the project guarantee that even if there are congestion peaks and the operations take time to process, all of them will be secure and the network would guarantee the immutability of the transactions carried out to date.
Bidding for the best Blockchain network
As the problems of scalability and cost of operations become more and more evident every day in the network of Ethereum, projects such as Solana, Avalanche, Cardano, Polkadot… and many others are beginning to strengthen and promote their ecosystems, with the intention of gaining greater visibility among those interested in operating solutions based on Blockchain.
- Binance.US to open a virtual office in Solana metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users.
- Solana again suffers network outages
- Paypal interested in Solana to scale its payment network, Solana can be 4x faster
Source: CoinDesk , Archivo
Version by Angel Di Matteo / DiarioBitcoin
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