Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at a recent proposal by the Solana (SOL) developers for a new hashing system.
Solana Propose New Hashing System
A new proposal by the Solana developers, Solana Labs, is looking to introduce a lattice-based homomorphic hashing function. The proposal is known as SIMD-215 and the new hashing system is designed to tackle scalability issues arising from increased network usage. It will look to streamline how the network verifies and tracks user accounts which in turn should result in Solana being able to handle billions of accounts efficiently.
In its current state Solana recalculates the state of all accounts regularly. This is a process which is becoming cumbersome as the user base grows, and co-founder of Solana Labs, Anatoly Yakovenko, has noted the issue as a “state growth problem.” He went on to explain that creating new user accounts requires the network to verify their uniqueness. This is computationally expensive under the current system as the runtime must maintain a global index of all accounts, creating significant overhead for every network node.
In a Jan. 6 proposal titled SIMD-215, the developers announced this information.
The Accounts Lattice Hash is outlined in the proposal and it will aim to eliminate any bottleneck in the system by introducing instant verification. This will remove any requirement to recalculate the entire state of all accounts. The new homomorphic hashing function will allow the network to update its state by processing only the accounts that have changed instead of every account in existence. This in turn will reduce to workload on the network.
Republik Labs, a crypto research firm, have stated that the new approach is similar to cleaning a house. Instead of tackling every room in a house it will only focus on the 'messy rooms.' This method promises to save time and computational resources while maintaining system integrity. If the proposal gets implemented then it could significantly enhance Solana’s speed and efficiency. This should hopefully put it in a stronger position for mass adoption.
Solana is one of the key players in the decentralised finance (DeFi) space, generating 43% more volume than the Ethereum network did in the last month. This was mainly down to its various decentralised exchanges (DEX's). DefiLlama data noted that Solana’s DEXs recorded over $113 billion in trading volume last month, compared to Ethereum’s $78.9 billion. Solana's growing dominance in the space shows that it is not only outpacing Ethereum in trading volume but leading the way.
Developers see Solana as a main destination for and in 2024 they broke Ethereum’s eight-year dominance in the space. A December 12th report by Electric Capital showed that Solana had 7,625 new developers join its ecosystem last year. Ethereum on the other hand only managed 6,456. This was mainly driven by increased developer activity in Asia.
Have a great day.
Peace. CryptoGod-1.
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