Solana Labs CEO: We want to synchronize the world at the speed of light

Solana Labs CEO: We want to synchronize the world at the speed of light

Solana has faced and overcame many challenges over the past year, said Anatoly Yakovenko, CEO of Solana Labs, as it continues to deliver a fast and scalable blockchain. Yakovenko discussed how the blockchain has struggled to maintain uptime, particularly in June, but new developments should prevent this. He then looked at the four most significant issues in advancing the blockchain; If you can solve them, you will achieve the goal of blockchain. “We want them to synchronize the world at the speed of light,” Yakovenko said on stage at Breakpoint in Lisbon in an interview with Austin Federal, head of communications. At the Solana Foundation. In June, he said inter-block times dropped to an average of one second between blocks.

While this seems fast and is faster than blockchains like Bitcoin and Ethereum, it is slow for typical Solana performance. This was because the network occasionally went down due to problems with spam on the web.

Yakovenko said that a second Solana blockchain client implementation with a different codebase should help avoid problems in the network. “The probability that the same error occurs in both cases is possibly zero,” he said. Solana Labs CEO highlighted the difficulty of network fees. Solana offers low transaction fees, which can lead to spam. He said some projects have helped avoid these problems, such as QUIC, which blocks bots from sending 100, Gigabytes of spam to the network.

The next big challenges

Solana faces three complex challenges, Yakovenko noted. First, there is formal verification, which relates to the security guarantees on the network. Second, there is type-rich bytecode that relates to how different parts of the network communicate with each other. Miscellaneous. Third, there is dynamic pricing for storage, a way for validators to manage how big the Solana blockchain grows. The biggest challenge in the future, Yakovenko added, is getting multiple block producers to work simultaneously. 

If this can be fixed, the network should run much faster. Yakovenko said he would also like to see the block production process separated from the transaction execution process. This should help Solana blockchain users know more quickly that their transaction has been processed.

The past and the future

In retrospect, 21.9 million NFTs have been minted in Solana to date, Fedora said. He added that the network had recorded $1.1 billion in NFT primary revenue and $2.5 billion in secondary revenue.

There have been a few announcements in Breakpoint so far. Google Cloud said it intends to support Solana on its BigQuery data availability platform and its Blockchain Node Engine, the managed service for running nodes. Development on the Solana phone has continued, with 3,500 pre-production builds of the upcoming phone set to ship to developers in mid-December. In addition, shoe manufacturer Asics has released a Solana shoe. Developing and launching the Solana phone called Saga takes a lot of blood, sweat and tears, Yakovenko said. He added that it’s “a bit crazy to compete with Apple and Google” in terms of competing with their app stores, but he’s happy to be using Android.

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