Solana has had no shortages or outages and other issues with their blockchain over the few years its been on the market. Mainly driven by meme coins and hype a lot of people jumped in on Solana thinking it's the next big thing to be a competitor of Ethereum.

However that simply isn't happening as Solana continues to run into major issues. At the moment 75% of Solana transactions are reported as failing. So I wanted to take a deeper look into this and see what's going on, if it will get better and possibly a new competitor to Solana.

What's Been Happening With Solana

Just like any blockchain once it becomes popular you run into major issues with scalability. There's almost always a way to crash the network with driving too many transactions on chain or driving up fees.

As for me I honestly don't think there will ever be a one blockchain that does it all. I believe there will be many high ends that specialize in areas. We see this already in a way. Bitcoin being a store of value, Ethereum mainly on the frontlines of new applications and others like Solana trying to compete (not replace) Ethereum by offering things like lower fees, faster transactions and so forth. But there's just way too much data flying around for any one blockchain to be able to handle it all right now.

Solana Now

Reported today 75% of Solana transactions have been failing. This isn't the first time either. It's reported by the CEO of Solana (Yes most major blockchains now are run like a business take note of that as it's going to become a bigger thing in the future) It was reported that those transactions failing are bots on the network.

Decentralization as a whole is something people often fight for. What it means in theory is that anyone can do whatever they want on the blockchain at any given time. Of course that comes with issues as just a few people with the knowledge and know how can cause havoc on a blockchain.

So here's where it comes with should something be fully decentralized or does it need rules and structure? To me it needs rules and structure because a truly full decentralized platform just has never worked. There's too many bad actors that will do whatever they can to crash a network or abuse it to their own wealth aka greed.

Now it could be operated in a way to keep those bad actors out on more of a community level instead of a central authority but putting that into practice has still been a hard thing to do.

Competitors

There's not shortage of competitors now either. You'll quickly see if your blockchain is not holding up to it's end of the deal or it's coming crashing down then people will move on to something else.

Right now one I think that's looking promising as a solid Solana competitor now is called NEAR.

Could Near be the next Solana? Maybe but so could about 50 other blockchains at the moment. Near is built on a proof of stack system so you can stake near and earn more of it. The blockchain was founded in 2018 by Illia Polosukhin. Lately it's been getting some decent and cool updates to it that should help propel it towards being a major playing in the vast sea of other blockchains.

*This article is for entertainment purposes only and is not financial advice.

Posted Using InLeo Alpha