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Solana’s fees will not be as high as Ethereum’s

Solana's fees will not be as high as Ethereum's

Last month, Solana announced the arrival of a new model for prioritizing gas charges on the network. The latter shall aim to mitigate the impact of hosted applications and services on network performance and stability. While many users fear rising gas tariffs in the future, Solana co – founder Anatoly Yakovenko has confirmed that the blockchain and Ethereum will not share the same fate. The details.

The switch analogy

To explain the Solana charging priority model and what differentiates it from the methods used on Ethereum, Yakovenko used a switch analogy. In particular, it compared the transactions launched on the network with individuals who want to activate a switch at the same time. A contest then ensues between the various parties asking the network to put their transaction at the top of the list. This is finally over won by the bidder paying the highest amount of gas costs. This auction system was responsible for the anarchic price increases on gas tariffs seen on Ethereum.

However, this experience was a lesson for Solana, who decided to innovate her priority model by creating several switches, as Mr. Yakovenko explained. He claimed that all decentralized applications operate as a single switch by analogy. Thus, the model is used to prioritize transactions within the application or protocol family and not over the entire network. Therefore, the auctions will take place within a category it will not affect users who transact elsewhere on the network as was the case with Ethereum.

What impact on Solana’s base charges?

Solana’s transaction fees are tiny, typically a fraction of a SOL penny. What users have to pay under this new model is considered to be an additional fee. To that end, Mr. Yakovenko said it will be a user-specified rate and what it is it shall be based on the units of calculation required to complete the transaction instructions. The amount of these additional costs cannot currently be estimated as the priority model is purely demand-led.

The level of demand on the network varies greatly between different categories of usage, these additional costs should not be as great as on Ethereum. The introduction of this model on Solana should be effective with the next update v1.10.25 which also includes two other key measures to guarantee the stability of the network.

Source: Decrypt

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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.

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