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Jump Crypto was tasked with developing the new validation client for Solana (SOL). This should increase the stability of the network and increase throughput and reliability.
Solana soon without network failures?
Solana’s network has been plagued by outages and slowdowns this year, particularly during peak periods. The Solana Foundation is now looking to increase the stability and throughput of the network with a new open source validation client, apparently being developed by Jump Crypto.
Blockchain infrastructure developer Jump Crypto is part of Jump Trading Group, a quantitative trading firm.
Jump Crypto will develop the validator in the C++ programming language. This stems from a press release from 16 August. Jump Crypto will offer significant upgrades to Solana’s core open source software, he said.
Jump Trading Chief Science Officer Kevin Bowers will oversee the process of developing the new validation client. The project, called Firedancer, is set to undergo several improvements over the next 12 months. For example, Solana’s network throughput should be optimized, ie the speed of transaction processing. Also in focus: efficiency and reliability. Significant improvements are also to be achieved in the next 12 months.
Although Solana’s network has not been down since July, it has experienced several outages and slowdowns in the months leading up to it. That’s according to Solana’s departure reports.
Solana: Always offline for hours
In May, for example, the network was offline for more than five hours. In June, on the other hand, it was down for more than four hours. This caused the Solana (SOL) token price to drop by 12%.
The series of outages and network slowdowns have dashed institutional players’ hopes for a more efficient and reliable network than Ethereum, which hosts the majority of decentralized finance (DeFi) activity.
However, according to Solana co-founder Anatoly Yakovenko, the network has seen exponential growth over the past two years. For example, Solana’s market cap has grown from less than $150 million in August 2020 to $14.96 billion currently. This corresponds to a growth rate of well over 10,000%.
According to Yakovenko, Jump Crypto, as a key contributor, will help Solana “maintain its status as the best place to build on Web 3.0 as it scales to billions of users.”
Bowers in the statement:
“With Jump’s many years of work solving some of the most complex networking challenges in traditional financial markets, we have seen firsthand the impact that improving network speed and efficiency can have on an entire financial system.
Given the relatively slow speeds and unreliability of blockchain networks, there is now an incredible opportunity to change the functionality and efficiency of those networks. “
The price of SOL is up 0.3% in the last 24 hours. It is trading at around $44. The price is down more than 80% from the all-time high of around $259 reached in November 2021.
Text credit: Cryptoslate
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