The host of the popular InvestAnswers YouTube channel has revealed that he believes Ethereum ($ETH) rival Solana ($SOL) could bring over 1 billion users to the cryptocurrency space over its low transaction fees and large throughput.
In a video shared with the channel’s over 400,000 subscribers, James Mullarney noted that the Solana network has suffered numerous outages as it has been testing the limits of what blockchain technology can do.
Per the analyst, Solana is “not just another chain” and has the goal of bringing “one billion onto blockchain.” Mullarney added the goal is achievable by “testing limits,” which is what the Solana blockchain has been doing.
It’s worth noting that the Solana network recently suffered an outage that stopped it from processing transactions on Friday night over a misconfigured node. The network ended up being restated to resolve the issue.
This isn’t the blockchain’s first major outage. So far this year, Solana has dealt with a number of multiple outages and degraded performance issues. In September 2021, Solana went offline for 17 hours.
Mullarney noted that web2 applications had “lots of crashes” and that these are a normal part of development when the “limits of anything” are being pushed. In an analogy he used, he said that the fastest cars in Formula One “sometimes have the engines that blow up the quickest.”
The analyst added that Solana is still a “very young chain” whose adoption is “way beyond my wildest dreams as of March 2021. Mullarney is a known Solana bull, who has named it Ethereum’s number one competitor.
The strength of Solana, and the reason why I still like it, is that they have the most breadth of DApps [decentralized applications] of any chain out there. They have exponential adoption. Fast, inexpensive, scalable. Despite the outage.
The analyst added Solana uses the Rust programming language, which is the most preferred” one and is helping drive activity on the network. As it can process a large number of transactions per second, it does not need layer-2 scaling solutions, he said.
As CryptoGlobe reported, the cryptocurrency community is expecting the price of smart contract platform Solana ($SOL) to surge in October, as the network’s congestions seemingly become a thing of the past and it processes an astounding number of transactions.
Notably, the total number of transactions conducted on Solana has surpassed the 100 billion mark, at a time in which institutional investor bets on the cryptocurrency keep trickling in, despite the ongoing bear market.
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