Join Our Telegram channel to stay up to date on breaking news coverage
Solana was ranked as a potential Ethereum killer in 2021. However, given the performance of this network of late, it might fail to live up to this expectation. The blockchain has suffered from the second incident of reduced network performance in a week.
SOL noted that the performance degradation was caused by an increase in the high compute transactions.
Solana network performance degrades again
The Solana network is claimed to be the fastest blockchain, with the ability of processing over 50,000 transactions per second. This high speed is even higher than what Visa can process. However, the transaction speeds on the network have dropped significantly.
SOL noted that the reason behind the reduced speeds was a rise in high compute transactions. This resulted in users experiencing failed transactions. However, the network has assured its users that it can resolve the issues.
This is the second similar issue that has happened this week. On Tuesday, users on the Solana blockchain reported facing similar issues. Some even noted that Tuesday’s incident could have caused another distributed denial-of-service attack on the blockchain.
The co-founder of Solana, Anatoly Yakovenko, responded on Twitter saying it is the “pain of getting a new runtime commercialized.”
SOL has been facing increased FUD following these outages. Justin Bons, the chief investment officer at Cyber Capital, published a Twitter thread explaining several reasons he does not support the blockchain.
“I do not support SOL, there are far too many red flags. Consistently displaying a pattern of bad behaviour. Prioritizing ignorant investors over good blockchain design. There are many examples of lies, fraud & bad design,” Bons said.
Bons went ahead to critique the security of the blockchain. He noted that DDoS attacks were not the only issues facing the blockchain. He noted that SOL could also face a 51% attack where an individual could “temporarily gain proportional-staked control over the network by attacking other stakeholders.”
Solana developers defend the network
Solana’s co-founder dismissed the sentiments by Bons saying they were “exhausting nonsense” and further saying that it was “impossible to DDoS a private key.”
Towards the end of 2021, Solana suffered from a DDoS attack causing network degradation and slow network performance. The head of communication at Solana Labs, Austin Federa, attributed the issue to several transactions with high computing power.
“Computer for those kinds of transactions wasn’t properly metered by the network and caused blocks to take much longer to process than the network expected,” he said.
Your capital is at risk.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
