This year, the Solana network has experienced frequent outages and slowdowns, particularly during times of high demand, as reported by Cryptoslate.
The Solana Foundation is now working with Jump Crypto to develop a new open source validator client in an effort to increase network reliability and throughput. Developer of blockchain infrastructure Jump Crypto is a division of quantitative trading company Jump Trading Group, Cryptoslate noted.
The validator will be created by Jump Crypto utilising the C++ programming language, according to a press release from August 16. According to the statement, it will also suggest significant updates to Solana’s fundamental open-source software.
According to the press statement, Kevin Bowers, chief science officer of Jump Trading, will be in charge of overseeing the development of the new validator client.
The goal of the Firedancer project is to significantly increase Solana’s network throughput, or the rate at which transactions are processed, efficiency, and resilience over the course of the next 12 months, with further increases in the following 12 months.
According to Solana’s incident report history, the Solana network experienced numerous outages and slowdowns in the months before July, when it last experienced downtime.
The network’s numerous failures and slowdowns dashed the dreams of institutional players seeking a more effective and dependable network than Ethereum, which serves as the hub for the majority of decentralised finance (DeFi) activity.
But according to Anatoly Yakovenko, a co-founder of Solana, the network has grown significantly over the previous two years. The market capitalization of Solana increased by nearly 10,000% from less than $150 million in August 2020 to $14.96 billion at the time of writing.
“Through Jump’s decades of work in solving some of the most complex networking challenges across traditional financial markets, we have seen first-hand the impact that improving a network’s speed and efficiency can have on an entire financial system.
Now, given the relatively slow speeds and unreliability of blockchain networks, an incredible opportunity exists to transform the functionality and efficacy of these networks,” Bowers said in a statement.
(With insights from Cryptoslate)