Solana developers have devised another solution for their system. This time, they proposed a lattice-based homomorphic hashing system that would change how the Solana network verifies and traces user accounts. This plan aims to fix scalability issues stemming from mass usage. The proposal states, “The main goal is to scale Solana to billions of accounts and compute a ‘hash of all accounts’ in practical time and space.” Source: GitHub In addition, the “homomorphic hashing” component of the proposal would technically enable the Solana network to refresh its state verification. This will be possible by exclusively processing updated accounts. Also, this new system maintains the same 128-bit security level while significantly lowering computational overhead. Backtracking the proposal and why the SOL ecosystem needs it Anatoly Yakovenko, the co-founder of Solana Labs, addressed the goal of how to make Solana a crypto leader. It has been referred to as the “state growth problem.” In May he wrote on his X account, “The problem comes down to this simple thing, new account creation has to actually create new accounts, which means that a new account has to prove that it is new somehow.” Proving that the account is new is expensive. This is because every node has to have a full index of all the accounts in the runtime. In addition, the Solana network is required to recalculate the “state” of all accounts regularly. This means that the process of recalculating the state becomes more difficult as the number of users increases. If the proposal goes, the accounts lattice hash upgrade would eliminate the necessity of recalculating all states by implementing immediate verification. 2/ The Solution Solana’s new proposal changes this system. Instead of recalculating everything, it will only update accounts that have changed. This is faster, simpler, and uses fewer resources, letting Solana handle millions (or billions) of accounts more easily. — Republik Labs (@RepublikLabs) January 7, 2025 In an X post, the Republik Labs explained the proposal in an analogy. They stated, “Think of it like cleaning a house. Instead of scrubbing every single room every day, you only tidy up the spaces that got messy. This saves time and effort while keeping everything in order.” Notably, the upgrade will be implemented through Solana’s formal improvement procedure. This necessitates network-wide activation through validator voting. SOL’s blockchain current market status Solana is currently at the forefront of DeFi and on-chain activity in the crypto industry. It has generated 43% more volume than the Ethereum network across its many decentralized exchanges (DEXs) in the last month. The Solana network has seen over $113 billion in trade volume across its DEXs. In comparison, the Ethereum main net has seen $78.9 billion, according to DefiLlama data. This indicates Solana’s steady growth relative to its main competitors. Meanwhile, today, SOL is valued at $216, a 0.3% increase from the previous hour and a 0.96% increase from yesterday. Today, the value of SOL is 12.49% higher than it was seven days ago. The total volume of Solana traded in the past 24 hours was 3 billion. The Ethereum Killer has been generating significant attention for the correct reasons. However, it is still trading at a 28.33% discount to its all-time high of $264. This serves to reiterate that the market’s renowned mood fluctuations are not impervious to even the most formidable runner-ups in the crypto industry. In the event that all circumstances are favorable, 2025 may serve as Solana’s breakthrough year. The rumors regarding a potential Solana ETF have investors in hopes of cashing out more from the crypto market. To that end, if the ETF is approved, a price surge commensurate with the altseason will usher in another bull market. Still, optimists are anticipating that SOL will surpass its ATH and increase its price to $400. However, skeptics caution that the price could plummet to $250 due to stricter regulations or network issues. Still, it appears that the developers of Solana are prepared for the year. Several days ago, Solana was declared to be quantum-resistant . Currently, it is addressing additional concerns that could potentially interfere with its performance this year. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
