Solana is one of the crypto giants contributing $47 billion to the crypto market. The currency came into existence in 2020 and has been on an upward spiral ever since. Bank of America states that Solana could shortly become the ‘visa of crypto.
Coin Telegraph reports that Bank of America will acquire Ethereum’s market profit because it enables a series of advantages during transactions and other uses. More than 50 billion transactions and around 5.7 non-fungible tokens are used in the crypto market. However, various critics condemn the move due to the decentralized network and long-term viability.
Solana Brings Several Advantages To The Table
Coin Telegraph quoted Bank of America’s digital asset strategist Alkesh Shah saying, “Its ability to provide high throughput, low cost, and ease of use create a blockchain optimized for consumer use cases like micropayments, Defi, NFTs, decentralized networks (Web3) and gaming.”
“Ethereum prioritizes decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are occasionally larger than the value of the transaction being sent.” Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception,” he added.
The data show that there is more than 1,700 visa transaction each second, the visa network is equipped to handle 24,000 transactions per second. The efficiency of Ethereum is 12 transactions per second at present; on the other hand, visa transactions for Solana can reach up to 65.000 transactions per second.
Recent Issues Are A Matter Of Concern
Solana has recently witnessed several significant network problems, including withdrawal problems on July 12. The reports suggest a halt in performance on January 7 and a DDoS attack on January 5. Solana also encountered network congestion due to mass botting last year in December.
Austin Federal, communication head at Solana Labs, stated that the developer is constantly eliminating the network and performance issues to improve the transaction and optimization of other services. The team of professionals is committed to providing the best experiences in the market and upscaling the growth graph by introducing advanced attributes in the system.