Solana is currently the fastest blockchain in the crypto space, but the developers believe it could be faster than it is.
Solana Network Could Be Faster
One of the major issues for blockchains remains scalability. Processing thousands of transactions per second remains something networks continue to struggle with. However, Solana has addressed some of these issues and is currently the fastest blockchain in the world.
Solana Co-Founder Anatoly Yakavenko, while speaking at the Solana Breakpoint Conference in Lisbon, pointed out that the blockchain could be four times faster than it currently is. Yakovenko said, “In relativistic terms, Solana’s about four times slower than it should be. The speed of light halfway around the world is about 110 milliseconds. It’s going to take a lot of blood, sweat, and tears to get there, but in theory, that could be the theoretical limit for how fast the network is.”
The conference attracted some of the biggest names in the crypto space, including Alexis Ohanian, Reddit’s co-founder, who pledged $100 million to develop social media on Solana. He DeFi and metaverse ecosystems on the Solana blockchain were hyped as the best in the cryptocurrency space.
He also shared with his audience how he overcame those challenges and went on to build a protocol that has millions of users. Solana is a relatively new blockchain, and Rust is a new entrant into the DeFi space. Hence, using Rust to develop a DeFi protocol on the Solana ecosystem presents a challenge for developers. However, Marius shared insightful tips on how they can overcome the challenges and get the best out of Solana.
SOL remains one of the leading cryptocurrencies and has been rallying since the start of the year. At press time, SOL is trading at $203 per coin, up by more than 30% over the past month. SOL could rally towards the $250 level before the end of the year if the market can overcome its current bearish sentiment and resume its rally.