Solana CEO Says Network Outages Have Been The ‘Curse’ Of Low-Cost Transactions By DailyCoin

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Solana CEO Says Network Outages Have Been The ‘Curse’ Of Low-Cost Transactions

Published Sep 06, 2022 04:35AM ET Updated Sep 06, 2022 05:32AM ET

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Solana CEO Says Network Outages Have Been The ‘Curse’ Of Low-Cost Transactions

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Solana’s high-speed smart contract platform had at least seven network outages over the last 12 months. Solana’s co-founder and CEO Anatoly Yakovenko named it the “network’s biggest challenge.”

The Price of Low-Cost Transactions

In the interview, Yakovenko claimed that the network outages had been Solana’s “curse.”

Solana has experienced at least seven network disruptions since its launch in 2020, caused by various congestion and spam events. In September 2021, one of the most prolonged production stops lasted up to 17 hours.

According to the CEO, the outages have resulted from the network’s low-cost transactions.

"That's been, I guess, our curse, but it's because the network is so cheap and fast that there are enough users and applications that are driving that," said Yakovenko. Yakovenko argued that the outages themselves are not wholly a negative thing. Even though they are challenging, this proves that the network has users and is in constant use.

"This is our biggest challenge, which is maybe the one that I like to have because of all these challenges that are coming because we have users on the chain on a daily basis," claims the CEO.

“Network Has Never Been Compromised”

The Solana CEO claimed that although the outages “prevented users” from utilizing the network, the network itself was not impacted. Additionally, he asserted that every blockchain is built differently and has its own “failure case. Solana was built to provide high transaction speed at low cost. According to Yakovenko, the network processes 30 million transactions per day, making it “more than all other chains combined.”

Yakovenko made a comparison with the Bitcoin network block production. When it halted for two hours in the past, it was still considered normal. However, the same halt on Solana’s network is viewed as a failure.

"If there's two hours between blocks in Solana, the network's dead because it's designed to make a block every 400 milliseconds," said Yakovenko. "Once you make a faster network, the failure case is different than one on something like Bitcoin or Ethereum."

On the Flipside

Solana’s network has suffered all kinds of problems in recent months: attacks, congestion, stoppages, etc. which has decreased the performance of its blockchain.

Why You Should Care

Solana (SOL) is the 9th leading cryptocurrency by market capitalization.

More on the Solana Network:

Jump Crypto to Build New Validator Client for Solana to Make Network More Reliable

Solana Could Face Lawsuits After Hack

Continue reading on DailyCoin

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Solana CEO Says Network Outages Have Been The ‘Curse’ Of Low-Cost Transactions

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