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The Solana network is growing very fast, and some congestion issues are coming with it. While this has not proven a menace, Solana developers are stepping up the game to resolve future scalability issues and support the ecosystem. A new Solana Improvement proposal on GitHub seeks to solve the network’s scalability issues by adding a new hash.
Solana improvement push
The proposal, sponsored by developer Brooks Prumo, relies on the Accounts Lattice Hash technology to solve scalability challenges. Specifically, this proposal will use homomorphic hashing to maintain a hash of the total account state.
Tomiwabold OlajideThe implication of this proposal is far-reaching as it will enable each block to host the hash of all accounts. This is different from the current system where blocks contain only the hash of all accounts changed in the same block.
Although Solana is functional, coming off as a major competitor to Ethereum using its two hashing systems, the Epoch Accounts Hash and the Accounts Delta Hash, per the Brooks Prumo proposal, both of these hashing systems have limitations, requiring the need for a new one.
While the GitHub proposal contained the details, essentially, this new Accounts Lattice Hash will boost the protocol’s speed and security if passed.
Repositioning amid product diversification
This Accounts Lattice Hash proposal is coming at a time when Solana is diversifying its product suite. Known as a thriving hub for meme coins like BONK, dogwifhat (WIF) and a million others, a more scalable chain can help improve user experience.
Godfrey BenjaminWhile not directly impacting the chain, the potential emergence of a spot Solana ETF in the United States might also drive new demand for the coin. An enhanced protocol might also solidify the interest from institutional investors to choose Solana when there is Bitcoin and Ethereum ETF alternatives.
Overall, the impact on the SOL price might be profound in the long term. For now, the coin is changing hands at $214.94, with a 4.1% uptick in the past 24 hours.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Denys Serhiichuk
Dan Burgin
Vladislav Sopov