Investing.com – is undoubtedly one of the most innovative blockchains in the world. No other proof-of-stake or proof-of-work network is capable of handling 65,000 transactions per second, even remotely. At the same time, there are no significant costs per transaction.
Given this, the still very young blockchain is fondly referred to as the “Ethereum killer”. It is able to do what may not be possible, even to proof-of-stake.
However, for some time now this beautiful image has lost its luster, as the Solana platform is also having problems.
Aside from security vulnerabilities, which have already led to a $300 million hack, the network is regularly plagued by bots. Until recently, all activity was shut down for seven hours as more than 4 million auto-generated transactions per second brought everything to a halt.
Ethereum is not efficient, but works stable
It seems that during development Solana got her priorities wrong. Work did not begin until several years after Ethereum became operational. A huge benefit, because while Ether today still struggles with its problems inherited from the past, the developers of SOL could have learned from the difficulties of other blockchains and proposed solutions.
However, the reality is different. The problems are so great that the blockchain regularly suffers from blackouts. There are even jokes on social media that Solana should introduce opening hours for the network to work. But none of this should have been necessary. The best proof of this is the first community version of the blockchain – SafeCoin.
The developers used Solana’s original Proof-of-History-Timing mechanism as the basis for their own blockchain. Inefficient code has been optimized to avoid all known issues.
At Solana, on the other hand, the emphasis is on developing an artificial ecosystem that is anything but decentralized. It is based on hundreds of redundant validators operated by a select group of companies. Efficient processing of blocks and transactions is absolutely irrelevant.
It was then that SafeCoin started development work and was able to design an improved algorithm. For the uninitiated, this fact translates into significantly lower hardware requirements for using a validator.
Where SafeCoin even runs on old laptops with a dual-core processor and 8 GB of RAM, a Solana validator needs at least a 12-core processor and 128 GB of RAM.
With this, SafeCoin has achieved one of its main goals, which is to improve the accessibility of blockchain technology. Thanks to the code review, people in developing countries now have the opportunity to start their own project and generate income on a simple computer.
Ultimately, it will be possible to talk about a real decentralized blockchain when the number of real active participants will increase continuously.
That the Solana blockchain has more or less regular performance issues or goes offline is a homemade problem. As mentioned before, the focus is on an artificial ecosystem – a kind of fictional economy. Many transactions are automated and only serve to externally reflect high activity and potential performance capacity.
This is the marketing strategy that has been adopted from the beginning, therefore the transaction fee has been set at 0.000005 SOL which is small. This opens the door for bots, as was the case last weekend.
SafeCoin still offers very competitive transaction fees of 0.0001 SAFE, but these are so high that bots can no longer be managed profitably. In addition, the power consumption of a transaction is only 0.000027 kW, which makes it probably the greenest blockchain in the world.
And yet hardly anyone knows about this blockchain. This is simply explained by the fact that it is not a commercial project. These are usually funded through token sales or, as in the case of Solana, have a generous billionaire on board to handle the marketing.
But there is already at least one client company, PowerLedger, that has recognized its huge advantages over other blockchains. Originally, PowerLedger launched their project on Ethereum, but found that the terms and conditions were not conducive to their core business of reading digital electricity meters.
Will the SafeBridge help break the SafeCoin blockchain?
It may well be that SafeCoin will soon be more in the spotlight, because with the SafeBrige the world’s first chain bridge has been developed. Apart from interoperability with other blockchains, it offers functionality that no other bridge has. The exchange of assets between the different chains of Solana.
The market for bridges is generally quite clear. According to debridges.com, there are currently only three that can link Solana to Ethereum.
SafeBridge is already running on a public testnet and will be the fourth bridge connecting Solana to Ethereum.
During development, the emphasis was on safety. The Wormehole hack, which lost more than $300 million, would have been impossible with the SafeBridge, as Jeff Galloway explained to us in an earlier interview.
The SafeBridge could change everything. It serves as the foundation for other products such as the decentralized exchange (DEX) SafeSwap and an NFT platform, both of which are already in the works. At the same time, existing projects on other blockchains will be given the opportunity to consider a move, as PowerLedger has successfully done before.
Currently, according to Coinmarketcap, SafeCoin’s market cap is nearly $7 million, while of the maximum 36 million coins, less than 30 million are still in circulation. Solana’s market cap is over €28 billion and more than 300 million coins are in circulation. There is no maximum limit. So there seems to be some room to move upwards.
On Thursday 5 May the official launch of the world’s first on-chain bridge SafeBridge on the Mainnet will take place. This launch will be accompanied by a live AMA, where interested parties can ask questions on Youtube.
By Marco Oehrl