Solana Co-Founder Sees Upside From Ethereum’s Merge, Saga Web 3 Mobile
Raj Gokal, Solana Labs’ chief operating officer, joined CoinDesk TV’s “First Mover” to discuss what the Merge could mean for Ethereum and how its Saga mobile phone stacks up in comparison to the iPhone 14.
Algorand Boosters Push Back on Helium’s Proposed Move to Solana
Decentralized Wi-Fi network Helium Network has proposed moving to the Solana blockchain. But a Solana competitor has another idea.
Hubble Protocol Raises $5M to Expand Solana-Based DeFi Protocol
The protocol aims to create a Solana-based MakerDao equivalent: a DeFi protocol with a U.S. dollar denominated stablecoin.
Crypto Analyst Weighs In As Helium (HNT) Tumbles After Proposal To Migrate to Solana (SOL)
A popular crypto analyst is still bullish on Helium’s (HNT) long-term prospects despite the project’s recent steep correction.
In a new YouTube video, the anonymous host of InvestAnswers tells his 443,000 subscribers that Helium, a decentralized wireless network for the Internet of Things (IoT), is a “picture-perfect use case for blockchain.”
The project’s native token, HNT, has tumbled by nearly 40% in the past week following the announcement that the core developers of Helium are considering migrating the network to high-performance blockchain Solana (SOL). HNT is trading at $3.82 at time of writing.
The InvestAnswers host notes that the market sometimes values layer-one projects more than Web3 apps. He also says he believes the migration could benefit both Helium and Solana.
“Helium is designed around proof-of-coverage, and POC – not proof-of-concept, proof-of-coverage – tries to verify on an ongoing basis that hotspots are honestly representing their location and the wireless network coverage they are creating from that location. Again, like everything with the blockchain, everything with the network, it needs to be trusted and operational when people need it, and hotspots enable people to operate wireless networks for a very low-power Internet of Things devices… Now the architecture itself lends itself very well to Solana’s network.
The consensus mechanism has elements of proof-of-history not too far from proof-of-coverage, and Solana’s coming out with their phone and wearable technology as well. And LongFi is perfect for powering this ecosystem, so the synergy could cut both ways as well, and this way Helium can focus on the hotspots and LongFi and let Solana handle the scalability and execution, so this is – for me, as far as I’m concerned – a very exciting use case.”
LongFi is Helium’s peer-to-peer wireless networking protocol.
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Trading Bot Known for Beating Crypto Markets Chooses Ethereum, Polygon, Solana and Additional Blue-Chip Altcoin
A trading robot with a reputation for outperforming the markets is sharing its newest portfolio allocations as most crypto assets seek to recover from an overall downtrend.
Each week the Real Vision Bot conducts surveys to compile algorithmic portfolio assessments that generate a “hive mind” consensus.
The bot’s latest data reveals that traders’ risk appetite has decreased significantly from a week ago, with most market participants voting to overweight their portfolios with three blue-chip altcoins in addition to the top crypto assets Bitcoin (BTC) and Ethereum (ETH).
Surging into first place was ETH layer-2 solution Polygon (MATIC) with a 26% allocation.
Ethereum competitor and layer-1 blockchain Solana (SOL) slid into second place with 20% allocation. Finally, blue-chip altcoin Polkadot (DOT), the interoperability blockchain, saw a 17% allocation.
“Latest results of the RealVision Exchange crypto survey. Is it blue-chip crypto time? Bitcoin climbs back to #1.Â
- Bitcoin 47%Â Â Â Â
- Ethereum 41%Â Â Â Â
- Polygon 26%Â Â Â
- Solana 20%Â Â Â
- Polkadot 17% “
Polkadot is followed closely by US-dollar pegged stablecoin USD Coin (USDC), interoperable blockchain Quant Network (QNT), and layer-1 blockchain Cosmos (ATOM).
The Real Vision Bot was co-developed by quant analyst Moritz Seibert and statistician Moritz Heiden.
Real Vision founder Raoul Pal has called the bot’s historic performance “astonishing.” The former Goldman Sachs executive says the bot outperforms an aggregated bucket of top 20 crypto assets on the market by more than 20%.
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Solana Founder Anatoly Yakovenko Addresses Ethereum Rival’s Blockchain Outages and Issues
Solana Labs CEO Anatoly Yakovenko is addressing some of the technical difficulties that Solana (SOL) experienced over the last year.
In a new interview with Real Vision’s Raoul Pal, Yakovenko says that Solana’s aim to process transactions at an ultra-high rate presented various challenges, especially once the Ethereum (ETH) rival began attracting waves of new users.
“This is our biggest challenge, which is maybe one that I like to have because all these challenges are coming because we have users. And the chain is, on a daily basis, when you look at normal transactions from applications from users – just from people using the network – when you look at those, there’s about 30 million transactions per day. Our peak day was 65 million. That’s more than all the other chains combined.
Binance Smartchain is one-tenth of that. I think Ethereum is one-thirtieth. And because of this load, we’ve seen things that we didn’t expect, and we were a bit short-sighted in the kinds of attacks people would throw at the network…
I think some people have seen 10 million packets per second being submitted to a validator. And if there’s a bug in any one of those validators where memory grows really, really quickly or something we didn’t do well for that load, that validator could shut down, it could break, it could run out of memory, for whatever reason. If a third of them do that, then the network is basically stalled until some manual intervention brings it back up. That has happened a couple of times.”
The crypto entrepreneur says that different blockchains with different technical architectures and use cases will fail in different ways. While Bitcoin (BTC) can handle delays in block time, Yakovenko says Solana’s fast blocks won’t allow for much wiggle room.
“[Bitcoin] is designed to be extremely resilient, and some things that are normal for Bitcoin, like when a bunch of Chinese hash power shut down, there were times where there are two hours between blocks in Bitcoin. And that’s totally fine. If there’s two hours between blocks in Solana, the network’s dead because it’s designed to make a block every 400 milliseconds…
Once you make a faster network, the failure case is different than one on something like Bitcoin or Ethereum.”
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