Despite Outages, Solana (SOL) Still Has Power To Bring 1,000,000,000 More People to Crypto: InvestAnswers
A closely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be on its way to bringing a billion more users to the digital asset space.
In a new strategy session, the host of InvestAnswers says that Solana’s history of network outages is due to the project continuously testing the limits of blockchain beyond what has been done before.
According to the analyst, Solana is “not just another chain,” and has the potential to spark the next big wave of adoption in the industry.
“[Anatoly Yakovenko and Raj Gokal’s] goal is to bring one billion on to blockchain and yes, it’s only achievable by testing limits and these guys have the credentials to pull it off…
Web2 had lots of crashes. It’s normal. It’s part of development when you push the limits of anything. I always use the Formula One analogy – the cars that are the fastest sometimes have the engines that blow up the quickest as is Ferrari this season…
But again, think about the chain. Think about the scale. Yes, the code needs improvement. Yes, stability is key. It’s still in beta. It’s still a very young chain, and the adoption is way beyond my wildest dreams as of March 2021. Did I think that [Solana would] be eating Ethereum’s lunch at this rate? Nope.”
The analyst has long been bullish on Solana, and earlier this year named it as Ethereum’s number one competitor. He says the Solana ecosystem has several advantages that give it its foothold on the industry.
“The strength of Solana, and the reason why I still like it, is that they have the most breadth of DApps [decentralized applications] of any chain out there. They have exponential adoption. Fast, inexpensive, scalable. Despite the outage…
It also has Rust, the most preferred developing language that’s driving the most development activity on any chain. Sixty-five thousand [transactions per second]. No need for layer-2s, and SOL DApps have more daily active users than Ethereum DApps, which is kind of staggering, because Ethereum has about 3,000 DApps and SOL has about 750.”
At time of writing, SOL is valued at $32.32, flat on the day.
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Solana Network Suffers Another Outage — Cyber Capital Founder Says Downtime Is ‘Another Consequence of Bad Design’
The proof-of-stake (PoS) blockchain network Solana suffered another outage on September 30 and the network restart did not take effect until six hours later on October 1. Solana has suffered a myriad of network outages during the last year, and the blockchain’s latest downtime caused the network’s native currency to slide 4% lower against the U.S. dollar in the last 24 hours.
Solana’s Blockchain Deals With More Downtime — Misconfigured Node Blamed for the Outage
Solana’s network had an outage again after validators failed to process blocks due to a misconfigured node within the system. On September 30, 2022, the Twitter account Solana Status wrote:
The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network. More information will be provided as it becomes available.
Following the Solana Status update, a Solana proponent explained that the blockchain would be restarted. “The Solana mainnet network will be restarted at slot 153139220, the last confirmed slot,” the individual said. “It appears a misconfigured node caused an unrecoverable partition in the network. Validators, please participate in finding consensus on the relevant data.”
Amid the outage, Solana Status shared instructions on how validators could participate in the restart. “Mainnet Beta Validators: Please follow the cluster restart instructions,” Solana Status stressed. Around 3 a.m. (ET) Solana Status detailed that the cluster restart has been deployed. “Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC,” Solana Status wrote. The team added:
Network operators [and] dapps will continue to restore client services over the next several hours.
Observers Ask: ‘What Good Is a Nakamoto Coefficient of 30 if 1 Misconfigured Node Can Bring Everything to a Halt?’
Solana took a lot of criticism from the crypto community when the outage happened, as the blockchain is nearing its tenth outage since Solana’s inception. The founder of Cyber Capital, Justin Bons, gave the project flak over the most recent outage. “[Solana] has gone down again,” the Cyber Capital founder tweeted. “This is the 8th time [Solana] has gone down in the past year. Blockchains should never have [downtime], yet [Solana] goes down almost every month. This is another consequence of bad design,” Bons added.
Another person asked about the misconfigured node problem. “Def not FUD…honest question…what good is a Nakamoto coefficient of 30 if 1 misconfigured node can bring everything to a halt?” the individual asked. Meanwhile, Solana supporters shrugged off the criticism and told people that the blockchain network will continue to improve as long as the engineers are persistent.
“Solana will be fine,” one person remarked on Twitter. “As long as the [developers] continue to improve the [blockchain]. That is what’s important. Still bullish on [Solana] for the long term.
What do you think about Solana’s latest hiccup on September 30? Do you agree Solana will be just fine or do you agree that it’s a “consequence of bad design?” Let us know what you think about this subject in the comments section below.
Helium (HNT) Is Officially Migrating to Solana (SOL) Blockchain After Community Vote
The decentralized wireless network Helium (HNT) is officially migrating to the Solana (SOL) blockchain after a community vote upheld the decision.
The Helium Foundation announced on Thursday that its community approved the move by a majority 81.41% vote on Helium Improvement Proposal (HIP) 70.
Says Scott Sigel, the chief operating officer of the Helium Foundation,
“We have an ambitious mission of deploying and managing wireless networks at scale and moving to Solana allows us to do that. Solana has a proven track record powering some of the world’s most important decentralized initiatives and they were an obvious choice for us to partner with. Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”
The Helium Foundation first announced its intention to migrate the ecosystem to Solana in late August, when HNT was trading at around $6.00. In the week following, the token plunged to a low of $3.33.
HNT has since partially recovered and is trading at $4.67 at time of writing. The 71st-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.
Solana’s native asset SOL is trading at $32.56 at time of writing. The 9th-ranked crypto asset by market cap is up more than 5.6% in the past day.
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Helium Ditches Own Blockchain in Favor of Solana After Community Vote
Voter turnout showed overwhelming support for moving Helium’s native network to Solana, with over 80% in favor.
Solana, Avalanche Prepare for Extreme Volatility
Solana and Avalanche appear to be at risk of a steep correction. These tokens need to reclaim vital support levels quickly to avoid further losses. Trouble Ahead Solana and Avalanche…
Solana Creator Anatoly Yakovenko Reveals His End Goal for Top Ethereum Rival
The co-creator of Solana (SOL) is revealing his end goal for the high-throughput blockchain and major Ethereum (ETH) rival.
In a new interview with Scott Melker, Anatoly Yakovenko says that he hopes the Solana blockchain’s speed will help it become the benchmark system for all global financial data, eliminating market inefficiencies.
“This is like my science fiction end goal for Solana is that when news travels around the world, state transitions travel at the same speed as news, by the time that news hits a Bloomberg terminal in New York, the price of whatever that thing was reflecting is already being propagated through Solana.
So when a trader looks at a market at NYSE (New York Stock Exchange) or Solana it’s the same price. It means there’s no real arbitrage allowed. That will require a lot of work. We joke that if we have to do it, we will build a neutrino-based communication between nodes to cut through the center of the earth to reduce latency.”
The crypto entrepreneur says in order for Solana to become dominant, a big breakout of adoption of the next big application on its blockchain would be key to making it happen.
“I think the key part that would be awesome and like a win is if we do see that like 100 million user breakout application happen on Solana. And, I don’t know what that is, but, to me, if like the Facebook or whatever equivalent of NFTs [non-fungible tokens] gets built on Solana, that would be, I think, how we win… and what that would mean, I don’t know.”
“I have this belief and a hope that self-custody is so important that if we have 100 million people with self-custody that that becomes a transformative force, almost like a global voting block around the world, like, what if 10 million people decide to buy every coal plant and shut it down? Like the Constitution DAO [decentralized autonomous organization]. The possibilities there are pretty endless and pretty wild.”
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