The push is finally coming to shove, and numerous users might be considering leaving the Solana ecosystem due to the crash experience on the platform, for the second time in one month. Why would users troll out? What does the future hold for the travailing SOL ecosystem?
WHAT IS SOLANA
Solana was founded in 2017 and the Blockchain was built by Solana Labs in San Francisco and run by the SOLANA FOUNDATION stationed in Geneva.
The blockchain platform was designed to host Dapps (decentralized applications) and for scalability as well. Solana is open-sourced which means anyone can use, study, distribute or modify the project, well, of course with an open-source license. With its hybrid consensus model of Proof of History (POH) and Proof of Stake (POS), validators play a crucial role in executing transactions in the SOL ecosystem.
Solana is known as the fast blockchain which was built for speedy transactions and the reason why it is one of the top 10 Cryptocurrencies. As compared to other blockchains like Ethereum, SOLANA has really low transactional fees.
HOW DO VALIDATORS HELP THE ECOSYSTEM
Since the ecosystem runs on a proof of stake as one of its consensus models, validators lock an amount of SOL crypto in form of stakes. In return, they are given the chance to validate incoming transactions and earn rewards for this. Vice versa is the case, if they validate wrong or malicious data, they are likely to lose all their stakes.
Solana among others like Cardano(CAD), and Terra are Cryptocurrencies that use the proof of stake.
WHAT WENT WRONG WITH SOL
The price of SOL fell by more than 12%, this started right after the Solana blockchain suffered a second outage reported to be caused by a bug. The validators of the ecosystem couldn’t process new blocks of transactions, which lasted for several hours.
Due to this sudden outage, the project put out a notice to its users through her Twitter handle designated for likely issues @Solanastatus. Which read:
“Earlier today, a bug in the durable nonce transactions feature led to nondeterminism when nodes generated different results for the same block, which prevented the network from advancing. Engineers are readying new releases (v1.9.28/v1.10.23) which temporarily disables the durable nonce transactions feature until a patch is released,”
In a series of other tweets, it went further to announce that:
“Network state is secure, as well as funds. Validator operators are coordinating a restart from the highest confirmed block in public on mb-validators in Discord”
Attached to this were a set of further instructions for a restart for the Mainnet Beta validator.
Would this pose a serious and continuous decline in the price of SOL, should we expect any bug crash, and could this affect the credibility that’s been built over the years by the SOLANA ecosystem? Time will tell