• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Solana Implements ZK Compression: A New Move Towards Blockchain Efficiency

user avatar

by Giorgi Kostiuk

a year ago

  1. Revolution for Developers
  2. Impact on SOL Cryptocurrency Price
  3. Prospects and Challenges


    4. As the race for technological innovation in the blockchain universe intensifies, Solana has made a big move with the announcement of a strategic update. The new ZK Compression technology promises to transform the developers’ ecosystem by drastically reducing costs and improving network efficiency.

    Revolution for Developers

    Solana has revealed the implementation of ZK Compression technology on its mainnet, an important step for developers of this blockchain. Using Zero-Knowledge Proofs, ZK Compression promises to drastically reduce storage and transaction costs, up to 1000 times according to official statements. “This update will revolutionize the way developers interact with the blockchain, to offer them a scalable and more economical solution,” can be read in the announcement by Solana on X. This effort aims to increase network efficiency in order to address the recurring issue of blockchain state management.

    This update will revolutionize the way developers interact with the blockchain, to offer them a scalable and more economical solution.

    Impact on SOL Cryptocurrency Price

    Speculation about a significant rise in SOL’s price continues to grow amid this technological breakthrough. Following Solana’s announcement, its native token increased by 1.5%, peaking at $138.82 in the last 24 hours. Investors anticipate a domino effect, where cost reductions and improved network efficiency lead to broader adoption and higher demand for SOL.

    Prospects and Challenges

    While Solana's future looks promising due to this update, the path to a $300 SOL remains challenging. The question is whether the new developments can maintain this upward momentum, particularly amidst global economic uncertainty. The Federal Reserve’s recent decision to lower interest rates by 50 basis points briefly stimulated the market, but it remains unclear how it will affect long-term trends.

    The ZK Compression technology could be a significant step forward for Solana by addressing scalability issues and enhancing blockchain competitiveness. However, the future remains unpredictable amidst current economic instability.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SharpLink Gaming Continues Share Buybacks and Expands ETH Holdings

chest

SharpLink Gaming has repurchased one million shares of SBET and increased its ETH holdings, focusing on stockholder value.

Kofi Adjeman

Viral Egg Stream Attempts to Break Records

chest

A spinning egg on Pumpfun aims to become the most-watched egg of all time. A stream featuring a spinning egg is gaining viewers and attention, inspired by the world record egg on Instagram. This stream has generated significant creator rewards and viewer interest.

Nguyen Van Long

Bizarre Talent Show Auditions at Basedd House

chest

The Basedd House squad is hosting a talent show featuring unusual performances.

Jesper Sørensen

Peter Schiff Warns Bitcoin May Be Topping Out Ahead of Fed Meeting

chest

Peter Schiff warns that Bitcoin may be reaching its peak as traders await a Federal Reserve decision, noting a loss of momentum despite gold and silver performing well.

Wei Zhang

Geopolitical Tensions Rise in Venezuela Amid US Strikes

chest

Geopolitical turmoil is escalating in Venezuela as the US has conducted two strikes on vessels allegedly linked to Venezuelan drug trafficking, resulting in multiple casualties and increased tensions.

Rajesh Kumar

BRICS Nations to Maintain Oil Imports from Russia Amid US Sanctions

chest

BRICS nations, especially India and China, are likely to maintain and possibly increase oil imports from Russia despite US sanctions, benefiting from competitive prices and solidifying trade relationships.

Lucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.