The Solana cryptocurrency is in the “Ethereum killers” category. What is that? Like Cardano, Solana is a crypto that directly competes with Ethereum in the field of decentralized applications (dApps). If the Solana crypto is newer than Ethereum, the network is progressing well!
Solana, a very fast blockchain…
The Solana blockchain has just reached a major milestone in the number of transactions. Let’s see which one.
The Solana blockchain passes the 100 billion transaction mark
The crypto Solana (SOL) has been placed created in 2020. For comparison, you should know that Ethereum exists since July 2015. This means that Solana is behind the leading crypto in the segment of decentralized applications.
However, the Solana network does not have to give up on its performance and success. Indeed, from September 22, 2022, the Solana blockchain can boast managed more than 100 billion transactions since its inception ! The figures are available directly on the Solana site, saSolscan tab. As of this writing, the Solana blockchain has completed 100,079,479,472,054 transactions since its inception! If we want to go further, that equates to 2,764 transactions per second (TPS). Breaking the 100 billion transaction mark is a real milestone for SOL!
To understand the significance of this figure, it is necessary to contextualize it. As mentioned above, the Cardano It is another crypto that directly competes with Ethereum. Like the Solana, the Cardano coin was created after Ethereum. Created in 2017, Cardano is older than Solana. So exactly, what about the number of Cardano transactions since its creation? According to the Cardiovascular data, the Cardano blockchain registers at the time of writing a total of 50,435,120 transactions. In other words, Cardano’s blockchain is light years away from Solana !
The Solana blockchain and its amazing scalability
One of the reasons for the success of the Solana blockchain comes from the performance of its network. Any blockchain must deal with an important trilemma that can be summarized as follows: security, scalability and fees. In other words, there is currently no blockchain that can fully satisfy these three criteria.
Also, developers have a choice to make at design time. The Solana developers clearly took the side of the promote network scalability. As a reminder, scalability defines a blockchain’s ability to process transactions quickly. The Solana blockchain has one of the best scalability on the market. In addition, the transaction fees are very low. On the other hand, the Solana has difficulty with the third criterion: safety.
… but who knows a lot of cuts!
The Solana network is not the most famous for its reliability. In fact, the network has already experienced some cuts. Indeed, Since its creation in 2020, the Solana network has experienced at least seven great disturbances. For example, a power outage occurred in September 2021. This lasted until 5 pm, making it one of the longest in Solana’s history.
In 2022 alone, five major events took place on the Solana. These problems are mostly related to network congestion. Also, for Anatoly Yakovenko, co-founder of the Solana blockchain, it is a “good sign”…
“Our biggest challenge, and maybe the one I like to be because we have users on the blockchain. » Anatoly Yakovenko, co-founder of the Solana blockchain
But these problems are repeated impact on Solana users. Solana developers assure it, the integrity of the web was never questioned during these problems. However, these network cuts undermine the bottom line user trust.