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- Solana validators have voted overwhelmingly in support of the ‘Timely Vote Credits’ that could speed up transaction confirmation times.
- The network looks to change how validators are incentivized to make votes, an integral part of Solana’s consensus mechanism.
Solana will soon usher in a new era that promises fast transaction confirmation times. Solana validators have voted in an overwhelming 98% to the ‘Timely Vote Credits’ upgrade.
The new update calls for a “Timely Vote Credits” mechanism on Solana which would see the transactions on the network completed faster.
In the past, validators got one vote credit for each finalized block they voted on. This led some validators to wait before voting to make sure they were on the winning side. The new proposal by Zantetsu from Shinobi Systems would change this. Instead of a flat credit, validators would get more credits for faster votes.
“This will discourage intentional ‘lagging,’ because delaying a vote for any slots decreases the number of credits that vote will earn,” Solana Labs explains.
🚀#Solana validators back a proposal to reduce consensus vote latency, potentially boosting transaction speeds. With 98% support, the "Timely Vote Credits" mechanism aims to refine validator incentives, enhancing the #blockchain's efficiency.💡 #CryptoNews pic.twitter.com/hYltXwOXv3
— 1ATH.Studio (@1ATHStudio) April 10, 2024
The exact effects of this new system are still uncertain. It’s expected the new update will launch after Solana’s v1.18 update this month, which focuses on fixing transaction fees and network congestion problems.
Prior to this, the network will undergo a major fix after experiencing a high rate of failed transactions. The culprit is believed to be a bug in QUIC, a data transfer protocol developed by Google. This bug is causing extra strain on the network because it loops all nodes in on the current state of the network unnecessarily.
The good news is that a fix is scheduled for April 15th, as long as there are no further problems during testing. This fix will involve reconfiguring QUIC to operate more efficiently.
Solana (SOL) Flips Bearish Narrative
With all these updates, Solana’s SOL is anticipated to get on a bullish path that could see it reach a new all-time high. prominent crypto analyst Peter Brandt has shared an optimistic outlook for SOL against ETH as CNF recently highlighted. He emphasizes the importance of technical analysis, particularly in identifying key resistance levels that can forecast price movements. If Solana surpasses this critical resistance against Ethereum, Brandt suggests a bullish scenario where SOL’s value could double, signaling a promising outlook for the cryptocurrency.
At the time of writing, SOL is trading for $174 after a 1.5% surge in the last 24 hours. The 5th largest cryptocurrency by market cap has shed nearly 6% in the last 7 days as the altcoin falls off the $200 resistance.
In addition to developments around the Solana network, the upcoming Bitcoin halving cases have a bullish outlook for the entire crypto market. SOL will be among the beneficiaries as investors take an interest in the network’s keen in building and offering real-world solutions.
