Solana Suffers Another DDOS Attack

Solana has grown significantly in a relatively short amount of time. With help from the booming NFTs, it has pushed its way up the market capitalization ladder, and into the top 10. Like many other blockchains, Solana was seen as a rival to Ethereum that could one day take its place at the top. Unfortunately, the blockchain is having many issues that Ethereum has never seen.

There are three major components that must be taken into account for all blockchains. Security, speed, and decentralization. No blockchain has been able to successfully build a chain that does all three. Solana has built one which can handle almost 100 times the amount of transactions per second. The Solana blockchain is also one that has not been hacked or had any of its transactions altered. Unfortunately, however, it is suffering from a lack of decentralization.

On 9 December, Solana suffered its second DDOS attack which slowed down the blockchain tremendously. This was successful because of ‘Proof of History’, which allows for block producers to be predetermined. The DDOS attack works because it can target the next block producer and slow them down.

Proof of History is also a problem that can lead to censorship issues whereby block producers will be targeted to stop certain transactions from occurring. While the network did not completely stop, it was slowed down to 25% capacity for some time.

Crypto enthusiasts on Reddit continued to push the narrative that a blockchain is not fully decentralized if running a node is not accessible by all. Vitalik Buterin recently posted a blog article about Ethereum 2.0 which stressed this detail. Having a limited number of nodes can lead to censorship and other security issues.

Solana’s native coin, SOL, did not crash but the price has been on a downward trend since early November. SOL is down 34% in the last 30 days and this latest attack will not help many with confidence in the network.

Enthusiasts were quick to say that even with the slowdown the blockchain was still running faster than Ethereum or Bitcoin. We will have to see if Solana can find a way to circumvent future attacks.

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Updated: 12/14/2021 — 07:00