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- 1 Solana v1.16 will reduce random access memory (RAM) usage for validators.
- 2 Its value has declined by 0.32 percent in the past 24 hours.
Latest Solana (SOL) update, v1.16, is here. Helius, the network’s development platform, confirmed the news in their official press release. The announcement claims to have resolved several issues including slow startups for remote procedure call (RPC) nodes and general protection faults. Moreover, it will bring ‘Confidential Transfers’ to enhance user privacy.
Solana to Focus More on ‘Confidentiality’
Some features according to the release are not live yet and will be revealed gradually via features gate system. In addition to Confidential Transfers, as the name suggests, developers will focus more on confidentiality instead of anonymity. The update also increases runtime of zero-knowledge proofs, a validation protocol between prover and verifier nodes.
Furthermore, v1.16 will reduce random access memory (RAM) usage for validators. The release shared a screenshot from a Twitter user claiming their “validator is running smoothly on just 39 GB of RAM, which is a significant improvement from around 120 GB from previous versions.”
Solana v1.16 will allow users to deploy programs with resizable data accounts. Formerly, while deploying, a program was allocated double the size of the program. Users can now start with a smaller data account then resize it for a certain sum. For issues associated with blocks and verifying accounts the update introduced Epoch Accounts Hash.
The announcement asserts future updates will be smaller than v.1.16. It reads, “Looking ahead, Solana Labs is shifting to a more agile release cycle, targeting a new release roughly once every three months. These future releases are to be a lot smaller than v1.16. This allows for faster iteration and reduced risk when deploying.”
A Tumultuous October
Recent news indicates Solana is getting traction in the market. A research by digital asset management company CoinShares reported that the network saw the largest weekly inflows since March 2022. A Web3 gaming experience, Star Labs accounts for 15 percent of daily transactions on the blockchain. Crypto exchange Deribit is planning to launch options contracts for Solana which may add to activity in the ecosystem.
In another study, conducted by a Galaxy Digital subsidiary Galaxy Research, found petty transactions are rising on the network. This might also have to do with its recent integration with Shopify and Visa. However, winds may not be in Solana’s favor in forthcoming days. Potential liquidation of FTX’s assets by Galaxy Digital may hurt the price at large.
SOL, the network’s native token, declined by 0.32 percent in the past 24 hours. At the time of writing, it was trading at $22.03. The asset’s price saw a luscious 11 percent surge during the month’s beginning, however, this week the value declined by nearly 5%.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
