The Solana team has announced a lattice-based homomorphic hashing system that makes securing and verifying user accounts easier for the network. With the scalability issues encountered during high network usage, this project aims to improve scalability and security, making Solana a leader in blockchain processes and accounting.
In a proposal titled “SIMD-215,” released on January 6th, the Solana team announced the lattice-based system, a framework that transforms how the network tracks user accounts. According to the proposal, improving scalability and efficiency are the primary focus.
The current Solana network needs to recalculate the state of all accounts regularly. This means that as the number of users increases, the calculation process becomes more and more difficult. In a post on X, Anatoly Yakovenko, co-founder of Solana Labs, spoke on the issue earlier in May 2024.
“This is trivial to do if the runtime has a full global index of all the accounts,” he noted. “But that kind of way of proving that the account is new is expensive; every node has to have a full index of all the accounts in the runtime.”
However, according to the proposal, the lattice-based hashing system would introduce instant verification, eliminating the need to recalculate all accounts. Besides that, the “homomorphic hashing” system would allow Solana to update its state verification in real time.
The Solana network has generated 43% more volume than the Ethereum network across its decentralized exchanges in the last month, making it a leader in the on-chain and DeFi space. According to DefiLlama, Solana has recorded over $133 billion in trading volume, highlighting its commitment and potential to dominate the blockchain space.
How Does the Future Look For Solana Price?
Solana’s new lattice-based hashing system and its current technological advantages and features make it a huge force within the blockchain space. As the Solana ecosystem continues to push for advancement, the network will likely remain a major player in the industry, shaping the future of blockchain accounting and scalability.
While market optimists hope for a Solana rally in 2025, skeptics worry about the strict regulations surrounding the blockchain space. Whichever way, Solana’s continuous advancements and upgrades place it amongst the leaders in the cryptocurrency industry.
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