{"id":31044,"date":"2024-04-10T10:58:43","date_gmt":"2024-04-10T10:58:43","guid":{"rendered":"https:\/\/icoinmarket.com\/solana-passes-new-proposal-amidst-failed-transactions-issues\/"},"modified":"2024-04-10T10:58:43","modified_gmt":"2024-04-10T10:58:43","slug":"solana-passes-new-proposal-amidst-failed-transactions-issues","status":"publish","type":"post","link":"http:\/\/icoinmarket.com\/solana-passes-new-proposal-amidst-failed-transactions-issues\/","title":{"rendered":"Solana Passes New Proposal Amidst Failed Transactions Issues"},"content":{"rendered":"
\n<\/p>\n
Amidst a spate of failed transactions and its current effort to fix the issue, Austin Federa, Head of Strategy at Solana Foundation, announced the passing of a governance proposal called \u201cTimely Vote Credits.\u201d<\/p>\n
The proposal, which gained approval from 53% of validators with an impressive 98% voting in favor, seeks to enhance the speed of transaction confirmations.<\/p>\n
Zantetsu of Shinobi Systems, a Solana validator, designed the \u201cTimely Vote Credits\u201d proposal. The proposal introduces changes to the method used to calculate vote credits earned by validator votes.<\/p>\n
The current Solana (SOL) validators award mechanism is one vote credit for each \u201crooted\u201d slot (a fully committed block), irrespective of the timing of their vote. However, such a mechanism enables a loophole where validators could delay votes without penalty.<\/p>\n
Read more: 6 Best Platforms To Buy Solana (SOL) in 2024<\/p>\n
If implemented, The \u201cTimely Vote Credits\u201d proposal would award credits based on the \u201clatency\u201d of a vote. Latency refers to the delay between creating a slot and the arrival of the validator\u2019s vote. Validators who vote faster would earn more credits, discouraging intentional delays.<\/p>\n
Moreover, the proposal includes a built-in grace period of three slots. This is to even out the playing field for validators situated further from network hubs.<\/p>\n
Despite the enthusiasm, this proposal still needs to address questions about its impact on transaction confirmation speeds. Yet, to date, Federa has not elaborated on how the change will directly impact transaction speeds in Solana.<\/p>\n
Combined with the developers\u2019 promise to rectify the failed transaction issues, the implementation of this proposal could potentially offer a comprehensive solution to the network\u2019s challenges.<\/p>\n
On April 5, roughly 75% of Solana network transactions failed, according to the data from a Dune dashboard. Users reported delays, error messages, and complete transaction failures despite retries. However, the percentage has decreased to 57.41% at the time of writing.<\/p>\n