Anatoly Yakovenko, the creator of the Solana blockchain, has not yet provided a long-term solution for the problems the network has been experiencing lately. He asserts that the blockchain is “complementary” to the Ethereum Network, despite the fact that the second-largest blockchain network in the world hasn’t experienced a significant failure in quite some time.
Yakovenko stated in an interview with Decrypt that SOL developers only compare the blockchain to Ethereum “in terms of developer adoption” and that the two blockchains are “complementary” to one another in many aspects.
He said,
“I think it’s really important because they are the market leader….What’s funny to me is that people call Solana an Ethereum killer, but we’re so different.”
SOL blockchain was introduced in March 2020, is well-liked for dapps and non-fungible tokens, or NFTs, because of its quick transaction times. The blockchain employs a proof-of-stake consensus algorithm, just as Ethereum post-merge. However, SOL is a mixed blockchain that also employs a proof-of-history consensus mechanism, in contrast to a handful of proof-of-stake blockchains.
The purpose of proof-of-history is to preserve past events on the blockchain in chronological order so that there is a shared record of what occurred when for future reference.
According to Yakovenko, Ethereum is centred on the notion that validators must be incredibly inexpensive. He said that Ethereum’s sharded network and its future plans are all built around the concept of extremely inexpensive validation, saying that the developers are sacrificing everything else to do that.
Solana Blockchain Suffered More Outages
The Solana blockchain, in contrast to Ethereum, has had numerous significant outages since 2022’s first day. Recently, the latter has seen decreased performance and unstable networks. According to Stakewiz, a Solana validator operator, the most recent outage, which occurred on September 30, was brought on by a misconfigured node (a computer running Solana software required for the network to function).
The SOL blockchain’s founder went on to say,
“There are use cases that you can’t run on Ethereum that you can run on Solana, and this is where I start seeing devs really pick Solana over Ethereum.”
Contrary to what has been said, there have been exploits in the applications created on this blockchain. Recently, $116 million was stolen from Mango Markets, a well-known decentralised exchange based on the Solana blockchain.
Yakovenko said that Firedancer, a second Solana client introduced back in August, will be a “long-term remedy” for the outages that the blockchain has been experiencing in another interview with Decrypt on October 8.