{"id":414096,"date":"2021-09-14T19:04:05","date_gmt":"2021-09-14T17:04:05","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=414096"},"modified":"2021-09-14T19:06:03","modified_gmt":"2021-09-14T17:06:03","slug":"solana-transaction-trouble","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/414096-solana-transaction-trouble.html","title":{"rendered":"Solana transaction trouble"},"content":{"rendered":"<p>The network underpinning one of this year\u2019s fastest-rising cryptocurrencies is having problems validating transactions, according to a Twitter account run by the Solana project.<\/p>\n<p>The problem stemmed from \u201cresource exhaustion\u201d in the network that caused denial of service, one tweet from the Solana Status account said. Third parties that validate transactions on the blockchain are preparing for a potential restart of the system if needed, the post added.<\/p>\n<p>\u201cSolana mainnet-beta is experiencing intermittent instability,\u201d read another tweet. \u201cEngineers are investigating the issue.\u201d<\/p>\n<p>\u201cIt has some interesting technical features, but realistically Solana hasn\u2019t yet been fully tested in a live setting,\u201d said Strah Savic, head of data and analytics at FRNT Financial. \u201cWhat we are likely seeing is the experimental nature of blockchain tech playing out.\u201d<\/p>\n<p>The price of Solana has surged almost 270% over the past 30 days to recently trade at $162.89, according to\u00a0<strong><a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\" target=\"_blank\" rel=\"noopener noreferrer\">CoinGecko.com<\/a>.<\/strong> It\u2019s up more than 32,000% from its low of 50 cents in May 2020, giving it a value of more than $48 billion. That makes it the seventh-biggest cryptocurrency, according to\u00a0<strong><a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">CoinMarketCap.com.<\/a><\/strong><\/p>\n<blockquote class=\"twitter-tweet\" data-dnt=\"true\">\n<p dir=\"ltr\" lang=\"en\">Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.<\/p>\n<p>\u2014 Solana Status (@SolanaStatus) <a href=\"https:\/\/twitter.com\/SolanaStatus\/status\/1437757547235131396?ref_src=twsrc%5Etfw\">September 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Some trades on Tuesday were taking longer to process than the time allowed by the network, meaning transaction blocks couldn\u2019t be finalized and trades weren\u2019t being processed, according to a person familiar with the situation. A process to restart the network would need to be agreed upon by a consensus of the Solana community, the person added.<\/p>\n<p>A technical issue about two weeks ago caused a period of \u201cintermittent performance degradation\u201d that lasted about an hour, according to the Solana Status Twitter feed. That issue is still being investigated but it\u2019s believed to have been also caused by automated bots flooding the network with transactions to buy a certain new coin, according to the person familiar with the situation.<\/p>\n<p>Like Ethereum, the Solana blockchain is a platform for decentralized finance, or DeFi, applications. The goal of Solana is to create a fair and open financial system, where no one entity has a speed advantage over any other, Solana co-founder Anatoly Yakovenko, a former Qualcomm Inc. engineer,\u00a0told the \u201cOdd Lots\u201d\u00a0podcast last month.<\/p>\n<p>Although it\u2019s difficult to speculate on the issue until more information is available, third-party sites do show that transactions aren\u2019t being processed by Solana, said Savic. And the Solana network\u2019s native token &#8212; SOL &#8212; is up 2%. \u201cSimilar past technical red flags on other networks have been ignored by crypto investors,\u201d he said.<\/p>\n<hr \/>\n<h3 class=\"my-4\">Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/413064-bitcoin-stumbles-in-el-salvador-protests-erupt.html\">Bitcoin stumbles in El Salvador \u2014 protests erupt<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>The network underpinning one of this year\u2019s fastest-rising cryptocurrencies is having problems validating transactions.<\/p>\n","protected":false},"author":341034,"featured_media":414098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[72308],"class_list":["post-414096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-solana"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/414096"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=414096"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/414096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/414098"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=414096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=414096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=414096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}