Developers fixed a bug issue that was highly risky to the Solana network-based projects.
Solana is an elite crypto project within the crypto industry. Also, is commonly referred to as the King of Scalability for blockchain transactions. This project differs from all other crypto projects in the industry due to its unique Consensus Proof-of-Concept.
The month of July saw a scientist Simon, identify a flaw in the Solana protocol. But, the bug wasn’t a major problem according to Simon, the researcher. Simon wrote about this issue on GitHub.
Researchers retested the bug that was reported in June by Simon back in June found the issue was not addressed by the team of developers, and the bug could result in billions of dollars in losses.
Blockchain Security researchers at Neodyme published a paper on this subject. The blog that they published claimed that the problem was related to The Solana Protocol Library (SPL). The possibility of executing identical bugs in one transaction was possible using several numbers. This bug could generate about $27 million in an hour. Based on the estimates, approximately 2.6 billion dollars in losses were feasible.
This one flaw in the SPL allowed it to have an extremely negative effect on yield aggregate Tulip Protocol and lending protocols Solid, Soda, and Larix.
Right now, all of the projects that are part of Solana and the Solana team as well as the Solana project team are ensuring about the bug and getting rid of it by using cryptography engineering.
New projects are part of the process of experimentation
There is no doubt that Solana is able to facilitate large-scale crypto transactions, but we need security that is high which isn’t easily assured by new crypto projects.
As of now, Solana is in the top 10 of the crypto industry, however, still it is in its infancy.
At the beginning of the calendar year Charles Hoskinson, CEO, and founder of the Cardano project said that there were a variety of cryptocurrency projects, and they also offer better speed and have more potential however, they are all part of an experiment and we shouldn’t trust blindly every single thing.