Solana takes a dive and Opensea moves into the world of mobile devices
It's only been a short period of time since Solana went on an impressive bull run and exceeded $US200 dollars per token. The block chain was tipped to be another Ethereum Killer which, if you're like me and been around following crypto news for a while those are marketing words you would have heard a few times for a few different tokens which would have drawn caution, or should have anyway.
But it wasn't the Ethereum Killer marketing that put me on the do not buy side of things. Although it would have been a good speculative token to invest in on that ride but that's not how I trade. I suck at trading....
Solana'a Proof of History is what drew me to be a tas cautious as it is a relatively new concept and the 50,000 transactions per second were almost too good to be true.
Solana saw $US20 Billion wiped from its market cap in a matter of days brought on by its halting of transactions on its network.
The project team were confident in their networks ability to manage 50,000+ transactions and for the most part it did. But it's Proof of History block chain that enables such high transactions does so by not requiring all validators or majority to confirm blocks but enables confirmation via a few validators that then tell the others that a transaction has occured.
My concern was that this would cause the block chain significant issues in confirmations. At current no information has been released other than the Solana network had to be shut down as it started to fork.
One could guess that the forking of the network occured due to the Proof of History model and the peak of transactions hitting around 500,000 transactions per seconds. Because I'd anticipate that Proof of History validators would have a hard time accounting for all the transactions.
However this has not been confirmed by the block chain and I am only guessing at this stage.
It is yet to be seen if Solana will recover from this latest crash which brought the block chain to a halt.
This will further drive more investors back to Ethereum so we can probably anticipate more price volatility in the coming days.
Opensea goes Mobile
In other breaking news the cryptoshphere's largest NFT market place has gone Mobile releasing Dapps on both iOS and Android app stores.
In a move that will definitely streaming NFT transactions and see alot more people join NFT market places this is a wonderful move in the right direction.
I've always been a big advocate for mobile devices as it is one of the leading industries and everyone has a mobile phone.
I previously worked for a tech company rolling out a Webapp that focused on supporting people in their time of need.
We identified that over 80% of people had a mobile device with access to the internet including people experiencing homelessness where by only about 67% had a PC.
Mobile devices are also on the rise and they are the most common device used to access the internet which is no doubt going to lead to more people accessing opensea even if it is for browsing which increases an artists ability to land a sale.
Opensea was the first NFT marketplace to surpass $US1 Billion in transactions in NFTs and continues to dominate the industry as the preferred retailer of NFTs Source
The move to mobile will definitely increase openseas market dominance.
I'm interested in knowing your thoughts on these two projects, where do you see them in the next coming months? Will Solana recover or will it continue to dive? Let me know in the comments section below.
*image sources provided this blog is not intended to be financial advice and investors are asked to do their own research or access professional financial *
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