Aurora, an Ethereum Virtual Machine (EVM) designed to scale decentralized applications (DApp) built on the Near protocol, has announced a $12-million debut funding round.The round included over 100 venture capital investors, including Pantera Capital and Electric Capital.According to an official statement, Aurora will use the funds to expand cross-chain capabilities beyond its current offering, in addition to hiring specialist developers to support the growth of Ethereum scaling.The scaling solution seeks to facilitate interoperability between blockchains through its EVM connection and multichain bridge, granting developers the accessibility to launch DApps with multichain functionality. Aurora has also revealed it is in the development phase of building a price oracle, data indexer, an automated market maker exchange and block explorer, among other features.The EVM is a blockchain-based computer engine at the core of Ethereum’s operating system, responsible for transaction execution, smart contract deployment and other operating functionalities, in addition to enabling developers to build DApps on its blockchain.It was recently announced that blockchain data explorer Etherscan has partnered with Aurora to integrate its Ethereum-exclusive service to participants of the Near protocol. Alex Shevchenko, CEO of Aurora, said:“Our goal at Aurora has been to create a future where the obvious gaps between blockchains, developers and users are seamlessly bridged. The success of this funding reinforces Aurora’s appeal among our community and our objective to bring scaling solutions across the crypto ecosystem.”Related: Near Protocol, Algorand and PowerPool rebound while Bitcoin consolidatesIn July this year, it was announced that Crypto.com deployed its proof-of-authority EVM testnet enabling developers and builders to transfer their Ethereum-built projects cross-chain to other ecosystems compatible with the EVM.
A major consensus bug has affected more than half the Ethereum network’s nodes, causing those running older versions of Geth to split from the main network.According to Ethereum software developer Marius van der Wijden, an unknown individual or group exploited a vulnerability affecting earlier versions of Geth, one of Ethereum’s software clients. According to the developer, Geth clients and Ethereum nodes running software v1.10.7 or earlier are at risk of splitting from the network.“Users that run validators need to update their nodes quickly (in the next 10h I think) as they would otherwise vote on invalid committees,” said van der Wijden.A chain split has occurred on the Ethereum mainnet. The issue was resolved in the v1.10.8 release announced previously. Please update your nodes, if you haven’t already!— Go Ethereum (@go_ethereum) August 27, 2021Binance Smart Chain’s Twitter account and others had previously warned Geth clients to update to v1.10.8, which claimed to have a hotfix for the vulnerability in the earlier versions. Ethereum Virtual Machine- or EVM-compatible chains may also be at risk. According to data from Ethernodes.org, 74.6% of all Ethereum nodes are running Geth, with only 28.4% of Geth clients currently running v1.10.8, meaning roughly 53% of all nodes on the network are potentially at risk. “Stay away from doing [transactions] for a while till confirmed, unless you are sure you are submitting to latest Geth,” advised Yearn.finance founder Andre CronjeRelated: Ethereum London hard fork goes liveThough software bugs have previously threatened nodes on the Ethereum network, this incident seems to be one of the biggest affecting a major blockchain. In August 2020, roughly 12% of the network’s nodes were unusable after a bug compromised half of the Parity nodes and all OpenEthereum nodes.At the time of publication, the price of Ether (ETH) seems to be unaffected by the split. Data from Cointelegraph Markets Pro shows the ETH price is $3,241, having risen more than 4% in the last 24 hours.
Solana, with its fast-growing ecosystem, has found a position at the forefront within the crypto space. By hitting $314 million in its private token sales, Solana crept the headlines in early June. Polychain and Andreessen Horowitz pioneered the Solana token sales.
This funding impacted greatly in developing the fast-growing ecosystem of Solana. This pushes it as one of the top competitors to Ethereum, the blockchain with the widest usage.
Before now, the Ethereum blockchain has high demand from crypto users and investors. Unfortunately, this results in network congestion and exorbitant transaction fees.
The congestion propelled the great opportunities for sidechains and Layer 2 solutions. Also, Layer 1 networks can take from the loopholes and create scalable decentralized apps beyond Ethereum. Solana falls under such Layer 1 networks.
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Founded in 2017, the project team realized over $25 million through its private and public ICO token sales. March 2020 brought the release of the main net beta.
The project is reputable for its 400ms block time and 50,000 throughput for transactions per second. This performance is higher than Bitcoin and Ethereum’s current version by several thousands of times. Though both of these formers platforms rely on Proof-of-Work consensus.
Solana has a theoretical capacity of 700,000 transactions per second through its focus on scale for more adoption, as contained in its whitepaper.
The technological design of Solana accounts for its high performance in scalability. The blockchain can process transactions horizontally in parallel using its sea-level runtime. Thus, the blockchain has continuous scalability with validator GPU improvements, thereby maintaining low fees.
The CEO of Solana Labs, Anatoly Yakovenko, reveals that the network’s scalability level is proportionally linked to hardware computation. This accounts for its execution of tens of thousands of transactions of smart contracts in parallel.
Also, the network uses several GPU cores to validators. The major network down part is that running a specialized hardware validator can cost thousands of dollars.
Solana Performance Trend
Solana satisfies its aim of having a distributed system for transaction scalability in proportion to its bandwidth.
The network achieves its aim through the use of some features like the consensus algorithm Tower BFT. Other outstanding enabling features are the Proof-of-History and Proof-of-History-Optimized versions of BFT.
The network currently boasts over 900 validators. Though Ethereum remains the most Defi smart contract blockchain, Solana has made a name than other Layer 1 chains. It’s more decentralized than Binance Smart Chain, Polkadot, Fantom, and Cosmos.
Solana has maintained a bullish momentum and it seems to be on an upward direction | Source: SOLUSD on TradingView.com
Several new protocols are building on the Solana blockchain to leverage its fast and low transaction fees. This has propelled more rise of more dApps in the Defi ecosystem.
The ecosystem now has more decentralized exchanges, yield aggregators, automated market makers, and stablecoin swap platforms.
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Others include NFT marketplaces: wallets, gaming platforms, and derivatives. The Chain also has projects based on infrastructures such as block explorers, oracles, launchpads, and data analytics tools.
When it comes to its operability, unlike Ethereum, SOL has no support for Solidity programming language. So, it’s not EVM compatible, and this puts a gap in its competition with Ethereum.
However, the Solana network utilizes Rust as its programming language. Fortunately, Rust is becoming one of the preferred languages in the most developing communities in the Defi ecosystem.
Furthermore, Neon Labs plans on providing SOL with EVM compatibility by porting Solidity smart contracts on the network.
Featured image from Pixabay, chart from TradingView.com