Solana, the well-known blockchain platform with affordable transaction fees and fast speeds, announced a major step towards resolving network congestion problems on April 15, 2024. Anza, a division of Solana Labs, unveiled the first mainnet update to tackle this challenge.
With version 1.17.31 update, there’s a new feature called Stake-Weighted Quality of Service (SWQOS). In simpler terms, this means that validators who have staked SOL tokens in the network will experience faster and more dependable transaction processing.
With SWQOS, block producers can easily detect and zero in on transactions going through validators who have staked their identities. This additional layer of security helps prevent false identities from infiltrating the system. Furthermore, this feature empowers block producers to prioritize transactions processed by validators with staked identities, serving as an extra shield against Sybil attacks.
Solana Update Propels Network Performance
Tim Garcia, from Solana Foundation, explains that SWQOS refers to a networking method that allows giving preference to certain data transmissions or connections for improved dependability and speed. At present, around 80% of the network’s capability is allocated for these priority transactions.
Although this update marks forward movement, it’s essential to acknowledge its limitations. Anza points out that the influence of SWQOS could intensify as more people use it. However, transactions without stakes, representing approximately 20% of network activity, may not notice significant enhancement just yet.
Trent.sol, a key developer at Anza, emphasizes the importance of implementing changes carefully. He suggests that validators should update their systems only when fewer than 5% of staked funds are inaccessible. After an upgrade, validators must keep a close eye on their nodes.
According to Rex St. John from Anza, the update serves as the initial solution for addressing congestion issues. More enhancements are planned for version 1.18’s launch. The GitHub notes provide technical details on the adjustments, such as modifications in managing staked and unstaked data packets, along with advancements to the BankingStage Forwarding Filter for network performance optimization.
Solana Marks Major Milestone with 1.17.31 Release
Unlike other blockchains, Solana does not use a conventional transaction pool for pending deals. This modification allows for quicker processing but may lead to network overload when there’s significant activity.
Version 1.17.31’s release marks a significant milestone for Solana. With this update’s successful execution, along with forthcoming enhancements, Solana will significantly contribute to rebuilding user trust and establishing itself as a robust platform for hosting decentralized applications (dApps).
Photo: TradingView
Based on TradingView’s latest data, Solana (SOL) is priced at $153 and has a market value of approximately $68 billion. However, due to network congestion problems, SOL experienced a minor decrease of 0.20% in the previous day, and its price dropped by around 14% within the last week.
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2024-04-15 14:06