Solana 2021 summary

Solana does many things well. The network is fast. Transactions are cheap. However, they have a problem. They are subject to DDoS attacks. DDoS is a distributed denial-of-service attack. It means that someone is able to send many messages or spam into the network to prevent it from working right.

Chinese reporter Colin Wu at @WuBlockchain is the one who reported the outage. It happened at 2AM Shanghai time and Wu believes it was spam sent to the network to cause it to malfunction. And, it took over 5 hours to fix.

While there are agreements that Solana’s network has fundamental flaws, why and how to fix them are up for debate.

  • Some think it’s the cryptography
  • Some think it’s the new form of blockchain tech they are using
Remember Raydium?

This last happened due to bot trading and heavy trading activity just a few weeks ago when the Raydium IDO took place. So despite its low fees, or maybe because of them, traders and bots just keep sending tons and tons of transactions to the network. That can cause a DDoS without even having a sinister element to it of someone actively trying to damage the network.

Regardless, Solana has to figure out how to solve its problems in its flawed blockchain if it wants to scale. And certainly, if it wants to become the Ethereum killer or the leading NFT platform.

Perhaps the biggest issue is that Solana has said nothing about this. They are just hoping to wish it away or act like it didn’t even happen. No mention on Twitter or anywhere else. That’s not the way to engender more trust that you will work to solve the problem.

Solana Price Activity

SOL is currently trading at $171.56, flat in the last 24 hours. Its $52.9 billion market cap makes it the 5th highest value project in the cryptoeconomy.

Moreover, join us on Telegram to receive free trading signals.

Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.