World’s First Chain Bridge to Solana Could Change Everything Investing.com

Investing.com – is without a doubt one of the most innovative blockchains in the world. No other proof-of-stake or proof-of-work network is capable of processing 65,000 transactions per second, even remotely. At the same time, there are no significant costs per transaction.

Considering this, the still very young blockchain has been gladly called the “Ethereum killer”. He is able to do what he might not be able to do, even passing the proof of participation.

For some time now, however, this bright image has been losing its luster as the Solana platform also has some problems.

In addition to the security-related flaws, which have already led to a $300 million hack, the network regularly suffers from bots. Until recently, all activity was down for seven hours, as over 4 million automatically generated transactions per second brought everything to a standstill.

Ethereum is not efficient, but it works stably

It looks like Solana got her priorities wrong during development. Work did not begin until several years after Ethereum became operational. A huge plus, because while Ether still struggles today with its legacy issues, SOL developers could have learned from the difficulties of other blockchains and proposed solutions.

The reality, however, is different. The problems are so great that the blockchain regularly experiences blackouts. On social media, there are even jokes that Solana should introduce opening hours for the network to work. But all this shouldn’t have been necessary. The best proof of this is the first version of the blockchain community – SafeCoin.

Its developers used Solana’s original Proof-of-History-Timing mechanism as the basis for their own blockchain. Inefficient code has been optimized so that all known issues cannot occur.

At Solana, on the other hand, the emphasis is on developing an artificial ecosystem that is anything but decentralized. It is based on hundreds of redundant validators managed by a select group of companies. Efficient processing of blocks and transactions plays absolutely no role.

It was precisely then that SafeCoin embarked on development work and was able to design an improved algorithm. For the uninitiated, this fact translates into significantly lower hardware requirements to operate a validator.

While SafeCoin runs on older laptops with a dual-core processor and 8GB of RAM, a Solana validator requires at least a 12-core processor and 128GB of RAM.

SafeCoin thus achieved one of its main goals, namely to improve the accessibility of blockchain technology. Thanks to code revision, people living in developing countries now have the opportunity to start their own project and generate income on a simple computer.

Ultimately, it will allow talking about a real decentralized blockchain when the number of real active participants continuously increases.

The fact that the Solana blockchain has more or less regular performance issues or goes offline is a household problem. As already mentioned, the focus is on an artificial ecosystem – a kind of fictitious economy. Many transactions are automated and only serve to externally reflect high activity and potential performance capability.

This is the marketing strategy adopted from the beginning, which is why the transaction costs were fixed at 0.000005 SOL, which is minuscule. This leaves the door open for bots, as was the case last weekend.

SafeCoin still offers very competitive transaction fees at 0.0001 SAFE, but they are so high that bots can no longer be profitably operated. Furthermore, the power consumption of a transaction is only 0.0000027 kW, which probably makes it the greenest blockchain in the world.

And yet, almost no one knows about this blockchain. This is explained simply by the fact that it is not a commercial project. These are usually funded by token sales or, as in Solana’s case, have a generous billionaire on board handling the marketing.

But there is already at least one client company, PowerLedger, which has recognized the immense advantages over other blockchains. Originally, PowerLedger launched its project on Ethereum, but had to find that the terms and conditions were not favorable to its core business, which is reading digital electricity meters.

Will SafeBridge help the SafeCoin blockchain move forward?

It may be that SafeCoin will soon be more in the spotlight, because with SafeBrige the world’s first chain bridge was developed. In addition to interoperability with other blockchains, it offers functionality that no other bridge has. The exchange of assets between the different Solana chains.

The bridge market is generally pretty clear. According to debridges.com, there are currently only three that can connect Solana to Ethereum.

SafeBridge is already running on a public test network and will be the fourth bridge connecting Solana to Ethereum.

During development, the main focus was on security. The Wormehole hack, during which over 300 million dollars disappeared, would have been impossible with SafeBridge, as Jeff Galloway had already explained to us in a previous interview.

SafeBridge can change everything. It serves as the basis for other products such as the decentralized exchange (DEX) SafeSwap and an NFT platform, both of which are already underway. At the same time, existing projects on other blockchains will have the opportunity to consider a change, as PowerLedger has successfully done before.

Currently, SafeCoin’s market capitalization amounts, according to Coinmarketcap, to almost 7 million euros, while out of the maximum 36 million coins, less than 30 million are still in circulation. Solana’s market capitalization is over €28 billion and more than 300 million coins are circulating there. There is no maximum limit. So there seems to be some wiggle room up.

Thursday, May 5th will see the official launch of the world’s first SafeBridge chain bridge on Mainnet. This release will be accompanied by a live AMA, during which anyone interested can ask questions on Youtube.

By Marco Oehr

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