Solana ($SOL) Co-founder and CEO of Blockchain Performance and Reliability
In a recent interview with Real Vision, Anatoly Yakovenko, co-founder and CEO of Solana Labs, which develops the Solana ($SOL) blockchain, talked about the challenge of offering both high performance and high reliability.
According to a report by The Daily Hodl, in an interview (recorded on August 22 and published on September 2) with Raoul Pal, co-founder and CEO of the financial and business video channel Real Vision, Yakovenko said:
“This is our biggest challenge, which is perhaps one that I like to have because all these challenges come because we have users. And the chain is, on a daily basis, when you look at regular transactions from applications from users – just from people using the network – when you look at these, it’s about 30 million transactions per day. Our peak day was 65 million. That’s more than all the other chains combined.
“Binance Smartchain is a tenth of that. I think Ethereum is one thirtieth. And because of this strain, we’ve seen things we didn’t expect, and we were a little short-sighted in what kind of attacks people would throw at the network…
“I think some people have seen 10 million packets per second being sent to a validator. And if there’s a bug in one of those validators where the memory grows very, very quickly or something we didn’t do well for that load, that validator can shut down, it can break, it can run out of memory, for whatever reason . If a third of them do, the network is basically stopped until some manual intervention brings it back up. It has happened a couple of times.“
The CEO of Solana Labs also explained why Bitcoin is able to be more robust than Solana:
“[Bitcoin] is designed to be extremely resilient, and some things that are normal for Bitcoin, like when a bunch of Chinese hash power was shut down, there were times where there are two hours between blocks in Bitcoin. And that’s okay. If there are two hours between blocks in Solana, the network is dead because it is designed to create a block every 400 milliseconds… Once you create a faster network, the failure case is different than on something like Bitcoin or Ethereum.“
About a week ago, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, compared Ethereum ($ETH) to Solana ($SOL), which is perhaps its strongest rival.
In a YouTube video released on August 28, Mullarney compared Ethereum and Solana in terms of speed, fees, technology, ecosystem, and ultimately daily active users (DAUs) and breadth of DApps.
According to a report by The Daily Hodl, here are some highlights from Mullarney’s comments:
“Solana wins TPS. Fees are tied, although Solana is still cheaper. Technology, Solana thinks we are better, even if it is flawed [and] it is still in beta... Ecosystem, Ethereum has the advantage. It has been around much longer and has much more... Daily active users and the breadth of DApps, Solana little advantage. Therefore, Solana is the winner.“
