Congestion on Solana
How can decentralizing through Safecoin increase your project’s resiliency and adoption
In this article, we will be looking over how SafeCoin, ‘The first Community Version of Solanas Blockchain!’ overcomes the issues bogging down Solana’s blockchain.
If you are not familiar, SafeCoin is a lightning-fast and efficient Proof-of-Stake blockchain network based on the revolutionary Solana code base. It leverages Solana’s best features like its unique Proof-of-History timing mechanism and improves upon the code to make it more accessible to a more significant number of people.
SafeCoin has always had a belief that liberty, truth, and freedom in a digital age are built directly upon the foundations of decentralized solid security and privacy.
Frustrations pour from the Solana community yet again as the Solana blockchain becomes congested due to more than 4 million transactions per second flooding the Solana network bringing it to a halt. Binance, one of the leading cryptocurrency exchanges, suspends withdrawals, releasing an announcement with the following - “This is due to high withdrawal volume generated with blank transaction IDs. Once confirmed, the corresponding withdrawal requests would be rejected. The entire process takes at least four hours.”. Additionally, the Solana team released a statement on Twitter stating, “Block production on Solana Mainnet Beta has halted.” We are here to say that Solana’s core technology is sound, and we stand behind their innovation. But it can be made better and that is what we’ve done.
So why does this happen?
The simple answer is because Solana’s economic model rewards inefficiency, as well as transaction abuse.
There are three main practical issues that cause Solana's congestion problems.
1. Overkill consensus which is more focused on creating an artificial economy for hundreds of redundant validators operated mainly by a small handful of firms than it is on efficiently processing blocks and transactions.
2. Low transaction fees making it remarkably cheap to send 'spam' transactions. The average transaction fee on Solana is just 0.000005 SOL, far below the required resources for Solana to process a transaction. The low transaction fees allow the last two significant reasons Solana is experiencing their congestion problems.
3. Ongoing Bots spamming the network with transactions in times of high demand, such as new NFT launches and heightened market volatility. More specifically, this problem is seen through automated airdrops, leaving many worthless NFTs in people's wallets for years to come.
SafeCoin was designed with a custom consensus system optimized for efficiency and simplicity. This optimized consensus system allows SafeCoin to efficiently process actual transactions instead of validator transactions that take up space on the blockchain. In addition, SafeCoin mitigates the bot transaction spam problem by having higher average transaction fees at 0.0001 SAFE. This fee model is still extremely low cost and does not affect natural users as the transaction fee is still negligible on its own. For someone operating many bots spamming the blockchain with transactions,however, this increase in costs makes the bot unprofitable. The average fee as a percentage of the total supply on SafeCoin is about 300 times as large. These higher transaction fees on SafeCoin result in a more reasonable cost for resource consumption as bot operators will optimize their bots to send out fewer junk transactions remedying the bot attacks issue that plagues Solana.
Integrate with SafeCoin – Decentralize your project
On Thursday, May 5th, SafeCoin will launch the world's first on-chain bridge, SafeBridge, allowing for tokens to be transferred between the Solana Ethereum and SafeCoin blockchains, with more chains to follow.
If you are looking to mitigate risk associated with Solana, our bridge will allow you to to operate/trade your tokens, programs, and dApps on the highly reliable Safecoin network. The SafeCoin team is working hard to finish the anticipated SafeSwap DEX and an NFT platform, and already supports these tokens on SafeTrade. The DEX and NFT platforms have both been designed with efficiency and user experience in mind. We shall expect these updates shortly after SafeBridge has been deployed.
If you’ve ever considered looking into another blockchain that utilizes the brilliant technology behind Solana but is modified with security and functionality in mind, now’s the time to consider SafeCoin. In doing so, your project will be far more decentralized and you will no longer have to explain to your community why you are "down for maintenance". It will always, always be live. Decentralize.
FAQ: Congestion on Solana
How to buy Safecoin?
Safecoin is available on numerous exchanges, most notable our community created Safetrade, with more options through the way (upcoming DEX launches).
Is the same attack like on Solana possible on the SafeCoin Blockchain?
As on any blockchain: Technically yes. Yet this would cost the bots over 1000x more to perform the same action. This would equal spending 1.4 million SAFE per hour or the entire SafeCoin supply in under two days.
What about our incoming NFT airdrop?
You can airdrop your NFTs on SafeCoin. As of Thursday, April 5th, you can bridge it over to Solana with Safebrige as the world's first on-chain bridge merging multiple Solana chains.
We already did our airdrop on Solana – how can we be unaffected?
You can bridge a percentage of your tokens over to Safecoin, listing them on Safetrade and our Dex's.
Safecoin AMA - Safebridge (Beta) Mainnet Release
6pm UTC, Thursday May 5
If you’re interested in learning more about SafeCoin or want to work with us, please visit the links below: