scorecardresearch

Solana’s Anatoly Yakovenko on how the blockchain has suffered from network failures

According to Cointelegraph, through an interview with Raoul Pal, co-founder, Real Vision, Yakovenko expressed how network outages has been a hindrance for Solana, as a result of the network’s low-cost transactions

Solana’s Anatoly Yakovenko on how the blockchain has suffered from network failures
In September, 2021, one of the production halts happened for 17 hours

Anatoly Yakovenko, co-founder, Solana, has said that network outages continue to be the blockchain’s biggest challenge, as reported by Cointelegraph. Unveiled in 2020, the Solana network has reportedly been at the receiving end of network problems due to different congestion and spam events.

According to Cointelegraph, through an interview with Raoul Pal, co-founder, Real Vision, Yakovenko expressed how network outages has been a hindrance for Solana, as a result of the network’s low-cost transactions. However, while the outages have barred users from the network’s usage, Yakovenko said that the network itself hasn’t been compromised and made the point that the each blockchain is built in a separate manner, with their own failure case. For instance, Yakovenko mentioned that when Bitcoin production came to a halt previously for two hours, it was received normally by the community. 

“If there’s two hours between blocks in Solana, the network’s dead because it’s designed to make a block every 400 milliseconds,” Yakovenko said. 

On the basis of information by Cointelegraph, Solana was designed to be a high transaction speed and low cost smart contract platform with the aim to process 30 million transactions per day. Yakovenko also made the point that outages shouldn’t bee looked at negatively as these challenges are taking place because of presence of users. “This is our challenge, which is maybe the one that I aim to have because of all these challenges that are coming because we have users on the chain on a daily basis,” Yakovenko added. 

Moreover, Cointelegraph noted that Solana suffered at least seven network outages since its inception in 2020, with 2022 witnessing five of those network problems. In September, 2021, one of the production halts happened for 17 hours. Yakovenko blamed validators not being able to process transaction loads at certain periods as the reason behind network outages. At the time of the publication’s writing, Solana token SOL was priced at $32.

(With insights from Cointelegraph)

Also Read: As Ethereum readies for an upgrade, what should users expect out of it

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.