Unstable crypto blockchain sets Solana course significantly-update should help

• Solana blockchain with network problems • Software update should bring improvement • New payment service presented

Solana course is part of weakened cryptoma market

Since the beginning of the year, the courses of some popular cryptocurrencies have been under pressure. So haben sich Bitcoin & Konsorten mittlerweile auf einem niedrigeren Niveau eingependelt, das deutlich unter den Höchstständen aus dem vergangenen Jahr liegt.The uncertainty at the cryptom market is currently heated by the demand for regulatory measures, as they have already implemented some countries.

Investors of the Solana Internet currency may also have perceived the downward trend.While the coin marked an all-time high of $ 260.06 in November 2021, he started the new year just over $ 170 and now tends to $ 107.06 (as of 11.February 2022).

Solana blockchain plagued by network problems

In addition to a general price weakness on the cryptom market, Solana is also faced with other challenges.For example, the network has to struggle with failures and speeds of speed, as is the case on reports from the crypto tours Coinbase and the crypto portal "Wu Blockchain".The blockchain should not have been reached for a few hours in early January, which could not be completed transactions.According to WU Blockchain, it was even rumored in the official Telegram group of Solana that there is a DDOS attack behind the connection error due to the overload of the network.Anatoly Yakovenko, co -founder of Solana, was able to clear these concerns, but a short time later."It is not a DDOS, but only problems with the commercialization of a new runtime environment," the developer reassured the Solana community on his Twitter profile.

A few days after the incident, reports on connection problems once again circulated: In a status report, the developers explained that "loss of performance" could be recognized that could be attributed to a previous software version.With a update that was published, however, the problems are said to have been extended extensively.As early as September 2021, the blockchain was not available for 17 hours, which caused some users not to liquidate their positions, as "Bloomberg" reports.

Update should help

The network officially advertises to process transactions particularly quickly.While other blockchains fall back on a time stamp from external programs, Solana relies on the "Proof of History" technology, as it says on the developer website.This integrates the time stamp directly into your own blockchain."Each block producer must go through the VDF [verifiable delay function], this proof of history, to get to its assigned slot and to produce a block," says Yakovenko.For this purpose, the hungy data records of previously generated conditions are placed in the sequence - in "approaching real time".

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A few days after the latest network problems, Yakovenko spoke up again via Twitter.There was an error in dealing with double transactions in the network, which contributed to slowing down the transmission speed and was recognized by trading bots.The speed has been since update 1.8th.14 improved, but the problem has not yet been completely fixed.Another upgrade that is to be rolled out by the end of the month should remedy this here.With the further support, the developers not only want to strengthen the network, but also make payments with cryptocurrencies easier, such as Sheraz Shere, who heads the Payments department at Solana, confirmed."We are on the subject for the next few years and decades," said Shere in an interview with Bloomberg."There are problems with the overload of the network, but we consider this to be a much longer -term chance."

Payment service Solana Pay is supposed to link NFT business with retail

With the new "Solana Pay" service, it should be possible to carry out transactions with various tokens based on the Solana blockchain - and for the lowest possible effort as possible.According to a press release, it is possible to use in retail stores, which means that payment processing in local shops can be significantly simplified.With his smartphone, the customer only has to scan a QR code so that the payment amount is immediately transferred to the dealer's account.According to the developers, there could be further advantages for the buyer.In addition to an NFT version of the purchased article, a certified NFT receipt is also sent to the customer's smartphone.For example, it is conceivable that a customer buys sneakers in a local sports shop and can then also equip your own character in a virtual metaverse.The concept should also be understood as a customer loyalty, since a corresponding message on the smartphone can be displayed for new products that are tailored to the needs of previous buyers.

"Our team contributed to developing the building blocks for a decentralized, open and real peer-to-peer payment protocol," says the announcement."We believe that this will pave the way for a future in which digital currencies are widespread and digital money like data moves through the Internet - uncensored and without intermediate dealers who tax every transaction."

"Visa of the digital asset ecosystem"

For Solana Pay, the makers are mainly based on stable coins that are bound to fiat currencies and are therefore significantly less susceptible to fluctuations than Bitcoin and Ethereum.This means that use is much more attractive for customers.But the dealers would also benefit from the implementation of the payment service, since this brings low fees as a credit card provider.Analysts of the Bank of America even predict that Solana could become the "visa of the digital asset ecosystem", said Bloomberg.And at the big bank JPmorgan, the crypto provider also believes that Solana made a high market share in the NFT business in the NFT business, as Analyst Nikolaos Panigirtzoglou explained in a message.

"Our goal is to create a new type of payment rails," Shere told Bloomberg."We believe that the problems with the overload of the network are short -lived."It remains to be seen whether the network problems will soon be a thing of the past and whether this will also appear in Solana's price development.

Editorial office finance.ch