The Solana Foundation just published its initial assessment regarding the condition of the Solana network.
Its first report delves into crucial parameters to evaluate the validity of its validator network. These consist of the distribution, Nakamoto consensus, and overall validator count.
According to a study released by the foundation on Wednesday, Solana currently has more than 3400 validators spread across six continents. New transactions must be independently verified by validators, and they must also keep track of the ledger’s current state.
“A large, diverse set of validator operators are essential to maintain a resilient, distributed, and credibly neutral network for the world to use,” explained the foundation.”
The two groups of validators are consensus nodes and RPC nodes.
Consensus nodes check blocks proposed by other network nodes while also creating and proposing new blocks for the network. A user’s transaction is often less likely to be manipulated the more Consensus nodes there are.
While RPC nodes carry out the same functions as consensus nodes, they additionally act as a “application gateway” to the Solana architecture. They frequently give users an easy method to connect to the core Solana network in a fashion that’s tailored to a specific application.
There are almost 1900 consensus nodes among Solana’s validators. In addition, since June 2021, a monthly average of 95 consensus nodes and 99 RPC nodes have joined the network.
Solana’s “Nakamoto coefficient” is currently 31. This measure represents the bare minimum of validators necessary to undermine the network consensus, which is typically understood to be 33.4% of the voting power.
The Solana proof of stake algorithm is what accounts for the comparatively low Nakamoto coefficient as compared to the validator count. Proof of stake gives those who hold and stake more SOL more power over the network’s consensus state.
Despite having 9 million owners, the top 100 SOL holders alone reportedly have 30.81% of the whole supply, according to Coincarp. The analysis did point out that none of the significant data centers hosting Solana nodes even comes near to holding more than 33% of the active stake.
Geographically, just three nations—Germany, the United States, and Ireland— account for just over 50% of Solana’s holdings.
According to the foundation, this is still better than Ethereum’s 45% US miner concentration. This figure won’t matter, though, because Ethereum will switch to a proof-of-stake consensus process in September.