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Solana Co-founder Points Out What Challenges Altcoin Will Face in 2023

Fri, 01/13/2023 - 01:30
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Sabrina Martins Vieira
Check out what changes should occur in Solana’s network this year
Solana Co-founder Points Out What Challenges Altcoin Will Face in 2023
Cover image via U.Today

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As noted in 2022, Solana (SOL) has experienced many problems. The altcoin network became known for its outages, which frustrated the cryptocurrency investor who saw a blockchain needing repair in addition to a network with a certain level of centralization.

Those were not the only problems. Like the other altcoins, SOL experienced firm market corrections but with an aggravating factor: FTX. The former CEO of the failed crypto exchange, Sam Bankman-Fried (SBF), being a big advocate of the altcoin, purchased a lot of it, and this resulted in Solana’s association with one of the biggest scandals in the blockchain industry.

However, 2023 is here, and things seem to be going well for the altcoin. The SOL token has been one of the standouts with an impressive 63% rise in the first 11 days of the year. No doubt the altcoin meme Bonk (BONK), launched on Solana’s network, contributed to this.

But a project that aims to be one of the leaders of decentralized finance (DeFi) and non-fungible tokens (NFTs) cannot be sustained by an altcoin meme forever. For this reason, this article will cover what Anatoly Yakovenko, cofounder of Solana, sees as one of the main changes for crypto in 2023.

Solana’s network

Of course, Solana’s most critical problem cannot be left out of our discussion. Among the chaos seen on the altcoin's blockchain, some of it arose from novelties and others from the superb usability of the network. Regardless of the reason, that shook investor confidence. According to Yakovenko, many of the problems have been resolved.

One of the factors that may help improve the network landscape is stake-weighted QoS. This mode is already active on mainnet-beta, and the co-founder of the “Ethereum killer” has stated that it will prevent unstaked nodes or low-stake nodes from spamming everyone else. 

However, what catches the eye is the new validator developed by Jump, Firedancer. Firedancer is the second validator client that allows people to run their validators using one of two software packages.

Why is this important? Besides Ethereum, Solana would be the only altcoin in the smart contract world with more than one independent validator.

Therefore, if a bug takes down one of the clients, Solana users would have no problem with a non-functional network because the other client would work perfectly. At least, that is what is expected for the future of the altcoin.

Regarding SOL’s network, Yakovenko is also excited about the programming function in the crypto blockchain. One of the new features highlighted by the entrepreneur is a new token standard called Token-22.

Its functionality will be focused on the development of new applications. An example is the collection of royalties on transfers.

But this does not mean that more improvements to programmability will not be seen, and Yakovenko has put that responsibility on the developers of the smart contract platform. He expects that, by 2024, it will be much easier to program and audit Solana’s blockchain.

These developments are essential to helping crypto investors trust Ethereum's competitor again. With a stable and easy-to-develop network, Solana may be able to seek its place in the top 10 again.

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About the author

Sabrina has been creating content for the cryptocurrency market since 2018. Her career includes work for important news portals in Brazil, such as Cryptonizando and Guia do Bitcoin.
In addition, she is a partner of the portal and YouTube channel É Top Saber.
Her passion for blockchain news and education led her to create the news portal Bolhacrypto.
In order to help companies and projects in the cryptocurrency market to develop, Sabrina has been leading Varandacrypto, a company that offers content for blockchain projects.