Solana (SOL) validators have approved the “Timely Voting Credits” proposal to accelerate blockchain transactions.

Solana (SOL) validators voted in favor of a proposal called “Timely Voting Credits,” which aims to reduce the latency of consensus voting, potentially accelerating blockchain transactions. This proposal introduces a mechanism to encourage validators to vote in a timely manner, solving the problem of some validators delaying voting to maximize profits without penalty.

Currently Solana validators receive a fixed 1 vote credit for each consensus vote they submit to the final block. However, this incentive structure causes voting to be intentionally delayed, as validators wait until they are sure they are voting for the correct fork to optimize their returns. These voting delays can increase latency in the consensus process and slow transaction processing times.

The “Timely Vote Credits” proposal, first proposed by Solana validator Shinobi Systems, introduces a variable number of voting credits depending on the voting delay time. Votes with lower latency will receive more credits, and validators will be incentivized to submit their votes immediately. By rewarding timely votes, this proposal aims to prevent intentional delays and reduce the overall latency of consensus voting on the Solana blockchain.

The impact of the “Timely Voting Credits” mechanism on transaction speeds has not yet been determined. However, according to Solana Compass data, the network is currently processing about 1,000 user transactions and nearly 2,000 voting transactions per second. Solana aims to improve transaction processing times and improve the overall efficiency of the blockchain by reducing the latency of consensus voting.

Implementation of the “Timely Voting Credits” mechanism is expected to occur following the v1.18 upgrade of the Solana Network. This upgrade also addresses network congestion and priority fee issues, further optimizing blockchain performance. Additionally, Solana is actively working to fix a bug in the QUIC implementation that caused the transaction to fail, with the fix scheduled for April 15th and awaiting successful testing.

In conclusion, Solana validators have approved the “Timely Voting Credits” proposal, which aims to reduce consensus voting latency and potentially accelerate blockchain transactions. By encouraging timely voting, Solana seeks to improve transaction processing times and improve the overall efficiency of the network. Implementation of the “Timely Voting Credits” mechanism is expected to occur after the v1.18 upgrade, along with other optimizations to address network congestion and priority fee issues.

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