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Solana project team will introduce a new fees system: Details

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Solana project team will introduce a new fees system: Details 6

The developers behind the Solana blockchain Network decided to bring a new protocol-based fees system for particular states of transactions to control traffic.

Solana is a major Proof-of-stake Consensus-based blockchain Network. Right now the native token of  Solana is standing at 7th rank. Due to the Proof-of-history protocol, the Solana blockchain can provide transactions up to 65k per second. Last weekend, the Solana blockchain faced an outage due to huge traffic on the network. 

Recently, Solana Labs published its explanation of the network outage, that took place on 30 April 2022, and explained that due to 100GB per second data transfer load on each node resulted in an outage for the network. 

The team noted that high amounts of Bots, which handles NFTs mint and transactions activity, are responsible to put high pressure on the network.

“An enormous amount of inbound transactions (6 million per second) flooded the network, surpassing 100 Gbps of traffic at individual nodes. There is no evidence of a denial of service attack,”

To overcome such issues, the team stated that they are going to introduce “memory use improvements to prolong the time nodes can endure slow or stalled consensus” in the Solana core blockchain.

Team also said that they will introduce a special kind of fee prioritization, which is currently under development. Under this new fee upgrade plan, the Solana network will not allow the high transaction fees-based transactions to go through the block, in terms of priority beyond the limit.

Multiple Solana Network outage 

The recent outage in the Solana network was not the first time, but already before this network faced outages around 5-6 times. 

Due to multiple outages in the Solana network, the majority of the big players are not much confident in going with the Solana Sol coin investment. 

At present, the Sol coin is under the consideration of huge numbers of institutional investors, as the best coin in terms of promising projects. But such outages are playing negative roles for Sol.

Read also: Cardano founder angry on negative review on Cardano’s Defi ecosystem

Solana project team will introduce a new fees system: Details

 

https://bitcoinik.com/solana-project-team-will-introduce-a-new-fees-system-details/feed/

https://bitcoinik.com/solana-project-team-will-introduce-a-new-fees-system-details/feed/

 

 

 

 

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