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Solana failing again? Better to stick with the tried and true

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Just a few months after its network faceplanted and required a “reboot,” Solana is having more technical troubles. Congestion last week caused traffic speeds to slow dramatically, while an almost day-long downtime in September forced node operators to completely restart the network.

Although last week’s slowdown appeared to be fixed, observers today noticed a large number of failed transactions on the network, possibly over 60% of all transactions in the preceding day:

The Solana digital asset has (at the time of writing) a unit price of U.S. $165 and a market cap of over $51 billion, making it the current fifth-most-valuable digital asset.

As Solana continues to gain attention from backers such as Sam Bankman-Fried and grow, the issues have raised serious concerns at the network’s ability to scale reliably/securely—and throughput and scaling are Solana’s two biggest selling points.

It echoes Ethereum‘s problems of a few years ago, when ICOs and popular apps like CryptoKitties caused massive transaction pileups. Ethereum has never quite recovered from these issues, promising major protocol changes and scaling solutions to fix the problem long-term… at some future point.

Delays causing delays

The latest network problems have caused at least one Solana project, MeanFi, to postpone its launch for another week to avoid sending yet more traffic over the network:

The Solana user community was grateful for this small reprieve:

However, reports indicate other developers are dissatisfied at the drop in confidence Solana’s repeated glitches have caused, complaining of a lack of transparency at the decision-making and at protocol developers’ group Solana Labs as well as expressing frustration that new problems keep appearing. Words like “reboot,” “downtime,” “transaction failure” and “hard restart” generate extremely bad press and aren’t the ones people want to see as they’re prepared to inject millions of dollars into a relatively new, fast-growing blockchain financial system.

Solving problems that have already been solved

Solana’s big deal, and the source of most of its marketing hype, is its massive transaction throughput. Claims of 50,000 transactions per second and 400 millisecond block times appear to make it perfect for efficiency in games and gaming assets, IoT applications, NFT trading, and cheap/fast payments—the same kinds of applications BSV is aimed at running.

It also shares some technical similarities with BSV in the way it leverages parallelization and horizontal scaling, and a preference for keeping all its transaction data on-chain.

The main difference is that BSV actually works, and has had a similar scaling ability since it first launched in 2009. External reorg attacks by opponents notwithstanding, BSV has performed almost flawlessly for many years and has scaled efficiently since launch of the Genesis protocol version in early 2020. It has never simply failed of its own accord, and definitely has never needed a reboot.

Solana utilizes a novel consensus mechanism that combines proof of stake (PoS) with something called “proof of history” (PoH). PoH requires network nodes to remain constantly in sync, something it’s obviously struggling to do. Solutions to the problem have included a new system to observe network state, which would require alterations to Solana’s architecture and would by nature be a centralized system.

BSV, on the other hand, has been running on a solid proof of work (PoW) base for 12 years. Despite claims that PoW is energy inefficient, no blockchain network has found another consensus mechanism that matches its security, thanks to built-in economic incentives that go far beyond the code itself. Since BSV has unbounded scaling capacity, this also reduces concerns about the energy-use tradeoff—the more transactions, the more useful it becomes, justifying the amount of energy required.

MNP is one of Canada’s Big 5 consulting firms and published a report titled “The search for a more efficient Bitcoin” last month, which found BSV to be the most efficient due to its unbounded transaction processing capacity. The report, which compared models and real-world data from BTC, BCH and BSV, concluded, “So long as the size or number of transactions on the BSV network exceeds the limitation of the other protocols, BSV is the most efficient in this group.”

Everyone’s always looking for the latest and greatest new thing in blockchain, but usually the original solution proves the best and most stable model. Rather than rushing to try new systems with faulty architecture that must be rebuilt on the fly after problems arise, it’s better to stick with systems that have proven themselves worthy over a long time.

Watch: CoinGeek New York panel, Blockchain: The Future of Technology Building on Achievements of the Past

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.

In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.

According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:

“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”

Tulip Protocol Seeks To Take Advantage Of Solana

Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.

Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.

According to Senx, Co-Founder of Tulip Protocol:

 “We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.” 

Allowing Stakers To Benefit From Higher APYs

Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.

Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.

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Is your SOL safe? What we know about the Solana hack

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On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.

To kick things off, we broke down the latest news in the markets this week:

Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?

Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?

Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.

After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

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Web3-Based ZepetoX to Build on Solana

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Web3-Based ZepetoX to Build on Solana

Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, ZepetoX.io) announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.

ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.

As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.

“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.

“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.

Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.

“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”

“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.

In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.

# # #

About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.

Contacts:

Vera: vera@ztx.foundation

News Via KISS PR Crypto Press Release Distribution Media Contact az@kisspr.com

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