The Solana (SOL) network grew fast in 2021, but in 2022 the cryptocurrency will have a much harder time. This is of course because all races have fallen heavily this year, but Solana is also struggling with a dropout. The blockchain has already failed five times in 2022.
Anayoly Yakovenko, co-founder of Solana, calls the failure the biggest stumbling block for the network. In an interview with Raoul Pal of Real Vision, the co-founder even calls it a “curse:”
Ready for a deep dive into the “fastest” #blockchain in the world”?@solana CEO & co-founder, @aeyakovenko sat down with @RaoulGMI for a look at everything Solana.
From the rise of Solana based #NFTs & recent network outages to a preview of their flagship phone and more… pic.twitter.com/L0WVrSQEHg
— RealVision (@RealVision) September 2, 2022
Yakovenko says the frequent problems are because the network is so fast and cheap compared to other blockchains.
“I think that was our curse, but it’s because the network is so cheap and fast that there are plenty of users and applications powering it.”
This makes Solana popular, but also makes it a target for hackers. This is how Solana already fell due to a large denial of serviceor DDoS, attack.
Solana outage compared to bitcoin
Still, the founder says that despite all the outages, the network has never been compromised or hacked. He also emphasizes that every blockchain has its advantages and disadvantages.
For example, Yakovenko says that Bitcoin (BTC) has also fallen in the past, but this was not labeled as such. When China introduced the ban on bitcoin mining, it sometimes took two hours for blocks to be processed, while normally this should take 10 minutes.
If this happens to Solana, it will immediately be labeled a failure, says the co-founder. That’s because Solana processes transactions not every 10 minutes, but every 400 milliseconds.
“If there are two hours between blocks in Solana, the network is dead because it is designed to create a block every 400 milliseconds.
This is our biggest challenge, but maybe one I like because these challenges are the result of the users we have on a daily basis.”
The BTC rate is already about 70% in the negative this year, but for SOL that is even 85%.