u.today
Web3 Foundation's Dr. Wood indicated the "sine qua non" for proper decentralized systems after Solana (SOL) went offline due to "resource exhaustion."
"Genuine decentralization and well-designed security"
Dr. Gavin Wood has taken to Twitter to comment on the network congestion suffered by "Ethereum killer" Solana (SOL). To bring its operations back to normal, its validators decided to restart the network.
Events of today in crypto just go to show that genuine decentralisation and well-designed security make a far more valuable proposition than some big tps numbers coming from an exclusive and closed set of servers. If you can't run a full-node yourself then it's just another bank.
— Gavin Wood (@gavofyork) September 14, 2021
Thus, issues on the "decentralized" network were addressed in a coordinated, "centralized" way. Dr. Wood states that the impressive throughput of blockchain networks should not be achieved at the expense of centralization.
Therefore, "genuine decentralization" and "well-designed security" make a more valuable proposition than the ability to process tens of thousands of transactions per second.
If such TPS is accomplished without a distributed network of nodes, it looks like just another bank for Dr. Wood.
Solana is back, SOL recovers
As covered by U.Today earlier today, Solana (SOL) operations are back to normal as the network was restarted by its validators. Now, its mainnet beta is updated to version v1.6.25.
The full recovery of operations of dApps and exchanges will take a few hours, according to the Solana Status account maintained by Solana Foundation.
The price of SOL token, which is a backbone element of Solana tokenomics, started to surge again: at press time, it is changing hands at $160, or 12% higher than the local bottom.