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Solana devs want to regain trust via a new fees model

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The developers of the Solana project team are highly optimistic with their new model of fee structure in the Solana network.

Solana is a biggest Proof-of-stake Consensus-based blockchain network. Due to the Proof-of-history protocol, the Solana blockchain can facilitate high scalability-based transactions at low fees, which created a very big competition against all other crypto projects. However, the Solana blockchain is already able to do huge in the crypto industry but several outages in its network this year and its existence in the Beta phase are creating a lack of trust among the crypto Investors. 

In the first week of last month, the Solana team explained about the outage in the Solana Network and also introduced its new fees structure based model to fight against the bug at a significant level. 

Recently Solana co-founder Anatoly Yakovenko shared about the new model via a Twitter thread and confirmed that the new fees model will be different from the Ethereum blockchain network fees system.

Through the thread, the Solana co-founder explained that the new fees structure will provide high fees as a high priority but under the single domain or boundary, which means each Defi protocol in the Solana blockchain ecosystem will give priority to their corresponding transaction as a priority and it will not show any impact to the overall blockchain Network fees, which is usual in many blockchains like Ethereum. 

Solana co-founder wrote:

“Each decentralized app (dapp) works as a single switch in his analogy. A specific NFT auction, specific Serum market, or Orca AMM pool is one switch…(..)… The fees are used to prioritize transactions within a certain app or protocol, not the entire network.”

According to experts’ point of view, this strategy of Solana Labs will not work at that level, where they are expecting because transaction load will remain always at that level but surely some lag will appear in the transaction’s execution time, even if a user will pay high fees. Well, here it will be a matter of time, whether Solana Labs will be able to get out of the critical situation because of outages in the network or it will be required to do something else.

Read also: SEC’s resistance to spot bitcoin ETP is becoming almost legendary: Hester M. Peirce

Solana devs want to regain trust via a new fees model

 

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https://bitcoinik.com/solana-devs-want-to-regain-trust-via-a-new-fees-model/feed/

 

 

 

 

 

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