As famous in 2022, Solana (SOL) has skilled many issues. The altcoin community turned identified for its outages, which pissed off the cryptocurrency investor who noticed a blockchain needing restore along with a community with a sure degree of centralization.
These weren’t the one issues. Like the opposite altcoins, SOL skilled agency market corrections however with an aggravating issue: FTX. The previous CEO of the failed crypto alternate, Sam Bankman-Fried (SBF), being an enormous advocate of the altcoin, bought plenty of it, and this resulted in Solana’s affiliation with one of many largest scandals within the blockchain trade.
Nevertheless, 2023 is right here, and issues appear to be going properly for the altcoin. The SOL token has been one of many standouts with a formidable 63% rise within the first 11 days of the yr. Little doubt the altcoin meme Bonk (BONK), launched on Solana’s community, contributed to this.
However a venture that goals to be one of many leaders of decentralized finance (DeFi) and non-fungible tokens (NFTs) can’t be sustained by an altcoin meme perpetually. For that reason, this text will cowl what Anatoly Yakovenko, cofounder of Solana, sees as one of many predominant adjustments for crypto in 2023.
Solana’s community
In fact, Solana’s most important drawback can’t be unnoticed of our dialogue. Among the many chaos seen on the altcoin’s blockchain, a few of it arose from novelties and others from the excellent usability of the community. Whatever the cause, that shook investor confidence. Based on Yakovenko, most of the issues have been resolved.
One of many elements which will assist enhance the community panorama is stake-weighted QoS. This mode is already lively on mainnet-beta, and the co-founder of the “Ethereum killer” has said that it’ll forestall unstaked nodes or low-stake nodes from spamming everybody else.
Nevertheless, what catches the attention is the brand new validator developed by Soar, Firedancer. Firedancer is the second validator consumer that enables individuals to run their validators utilizing one in all two software program packages.
Why is that this essential? In addition to Ethereum, Solana can be the one altcoin within the sensible contract world with multiple unbiased validator.
Subsequently, if a bug takes down one of many shoppers, Solana customers would don’t have any drawback with a non-functional community as a result of the opposite consumer would work completely. A minimum of, that’s what is anticipated for the way forward for the altcoin.
Relating to SOL’s community, Yakovenko can also be excited concerning the programming operate within the crypto blockchain. One of many new options highlighted by the entrepreneur is a brand new token commonplace referred to as Token-22.
Its performance shall be targeted on the event of latest purposes. An instance is the gathering of royalties on transfers.
However this doesn’t imply that extra enhancements to programmability is not going to be seen, and Yakovenko has put that accountability on the builders of the sensible contract platform. He expects that, by 2024, it is going to be a lot simpler to program and audit Solana’s blockchain.
These developments are important to serving to crypto buyers belief Ethereum’s competitor once more. With a secure and easy-to-develop community, Solana could possibly search its place within the high 10 once more.