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Did Solana and Cardano Lie About Their Speeds? Blockchain Expert Reveals All
Reinout te Brake | 18 Aug 2024 10:57 UTC
In a recent in-depth analysis, Cyber Capital's founder raised a significant accusation against well-known cryptocurrencies Solana (SOL) and Cardano (ADA), claiming these platforms have engaged in misrepresenting their transaction processing capabilities. This article dives into the heart of these allegations, dissecting the purported discrepancies in reported transaction per second (TPS) metrics, which are a critical performance indicator in the blockchain world.
Understanding the TPS Controversy
The core of the issue lies in the alleged gap between the reported and actual TPS capacities of Solana and Cardana. The founder of Cyber Capital posits that Solana's public claims exaggerate its performance by a factor of 6.5, while Cardano's figures are purportedly overstated by an astonishing factor of 26.5. These are not minor discrepancies but substantial deviations that, if true, could significantly impact investor perception and blockchain technology's reputation.
Shedding Light on Industry Standards
At the heart of these allegations is the assertion that both platforms have deviated from industry standards concerning how TPS metrics should be calculated. Solana, with a theoretical capability boasting 10,000 TPS, and Cardano, promising 18 TPS, seem to have vastly inflated these numbers when compared to the analyst's findings. These findings point towards a real-world efficiency of 739 TPS for SOL and a mere 0.4 for ADA.
The Reality of Maximum TPS Claims
Further, the analysis critiques the publicized maximum TPS figures—65,000 for SOL and 477 for ADA—as not being reflective of true capacity. After delving into each protocol's specifics, it was argued that cryptographic limitations, among other factors, act as a significant bottleneck, thus limiting the true throughput far below the marketed figures.
Dissecting Transaction Counting Methods
One particular point of contention is the way transactions are counted towards these TPS metrics. Specifically, Cardano was accused of counting multiple outputs as separate transactions—a method that vastly inflates perceived performance. This practice, while theoretically permissible, strays from what is considered standard practice across the industry, thus raising questions about the fairness and transparency of such claims.
In a broader sense, the conversation touches upon the potential for a uniform standard that could allow for transaction batching, a technique that could significantly enhance efficiency across all blockchain platforms. This proposal suggests that if all chains adopted similar standards as Cardano, the overall industry could see a 20x improvement in TPS figures.
Cryptographic Bottlenecks and Failed Transactions
The analysis also highlights the technical limitations that hinder TPS, such as cryptographic verifications and failed transactions. These factors contribute to a significant reduction in the theoretical maximum TPS of cryptocurrencies, challenging the feasibility of the high-performance claims frequently touted by projects.
The revelations brought forward cast a shadow not just on Solana and Cardano but also on the broader cryptocurrency industry's approach towards performance metrics. The insistence on transparency and adherence to universally accepted standards is paramount for the sustained growth and trust in blockchain technologies.
Investors and enthusiasts are thus encouraged to delve deeper, looking beyond the surface-level metrics to understand the true capabilities and limitations of blockchain platforms. It is this informed scrutiny that will drive the industry towards more honest, and thereby more meaningful, competition and innovation.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Readers are advised to exercise caution before taking any action related to the content discussed herein.
In essence, the cryptocurrency community must navigate these revelations with a balanced view, recognizing the importance of transparency and accuracy in reporting. As the technology evolves, so too must the standards by which it is evaluated, ensuring a fair and transparent ecosystem for all participants.
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