2023-04-07
Solana, a Layer-1 blockchain, has
announced a new solution aimed at significantly reducing the cost of data
storage on the network. The solution, called state compression, promises to
reduce the cost of creating 1 million non-fungible tokens (NFTs) on the network
to almost $110.
"After several rounds of
development, adoption, and NFT launches on Solana's mainnet-beta," said
Jon Wong, CTO of the Solana Foundation in a blog post on April 6th, "the
compressed NFTs are "over 2,400-24,000 times smaller" than their
uncompressed counterparts, according to Wong's data.
Ref: Solana on Twitter
Wong explained that state compression
leverages Merkle trees, a well-known data structure for the ability to
"compress" and verify the correctness of a data structure into a
"hash" or "fingerprint" of the current state of the tree.
"This allows developers to store
small amounts of data directly on the Solana ledger and update it directly,
significantly reducing the cost of data storage while maintaining Solana's
security and decentralization," Wong said.
Ref: A breakdown of NFT costs with Solana compression. Source: Solana Foundation
The solution was developed by Solana Labs and Metaplex and is supported by Phantom and Solflare, as well as powered by RPC node providers such as Helius, Triton, and SimpleHash.
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