News - This is how Solana wants to reach one million transactions per second
Faster and safer: Solana prepares for bull market with Firedancer. Many believe SOL's stock price will reach unprecedented heights. Here are the reasons.
It was one of the biggest announcements for Solana in recent months: the Firedancer client of the blockchain has been officially launched on the test network. The announcement was made last week at the Solana Breakpoint in Amsterdam, the largest blockchain conference. The result was tremendous hype: the price shot up 40 percent over the course of the week. And with it, so did the predictions: Solana could reach $3,200 by 2030, announced asset manager VanEck in a report. Popular major investor Raoul Pal added some fuel to the FOMO fire: the upgrade is a "quantum leap in terms of speed," not just for Solana, but for the entire industry. The goal: one million transactions per second. This has already been achieved in tests. Is Solana revolutionizing the crypto industry with the upgrade?
Firedancer is a VERY big deal, not just for Solana but for blockchain technology overall. It is a quantum leap in speed (10x faster than the fastest blockchain today) whilst increasing security and robustness of the SVM.— Raoul Pal (@RaoulGMI) October 31, 2023
It is slated to go to Mainnet in the summer of 2024. https://t.co/ei9hJtJ9FC
Firedancer is a second validator client for the Solana network. This one is completely rebuilt, even in a different programming language. Validators can then choose from both clients. The advantage: more security, maximum speed. Solana failed nearly seven times in 2022. Firedancer then acts as an emergency power generator.
A team called Jump Crypto has been developing the client since 2021. A release date: hard to say. The launch was actually planned for late 2023. The promised goal: 100,000 transactions per second. Now they are offering up to a million transactions. But not until mid-2024. No one knows exactly when Firedancer will actually go live. However, Raoul Pal thinks there's a good chance the blockchain will steal the show from all the other major crypto projects in the next bull market, thanks in part to the upgrade: just like Ethereum in the 2021 boom.
With Firedancer, Solana would theoretically be ready for mainstream adoption: faster and cheaper than even credit card giant Visa. This would make the blockchain suitable for high-frequency trading, among other things - a multi-billion dollar business. However, Solana has not solved another problem: developing good dApps that are suitable for the masses and easy to use.
Solana also buys its advantages with a decisive disadvantage: operating the blockchain generates hardly any profit due to low fees, but it is very expensive to operate a validator. Therefore, the network must be subsidized by new capital injections and the company's own currency reserves. Another reason for caution: Solana likes to embellish his numbers, especially for marketing purposes. One million transactions - sounds sensational. When the blockchain was launched, there was talk of 65,000 transactions per second. However, this was achieved only in tests. In reality, it was less than a tenth.