Solana’ s validators voted in favor of a proposal to reduce the latency of consensus votes, which could speed up transactions on the blockchain.
“Timely Vote Credits” project
The “Timely Vote Credits” proposal was approved on April 9, 2024 with 98% of votes in favor. This mechanism changes the means of incentivizing validators for consensus votes, which confirm transactions on Solana. Until now, validators received a one-off vote credit each time they submitted a consensus vote on a block that is finalized by the network. However, validators discovered that they could maximize their earnings by delaying their votes long enough to ensure they voted on the right branch, without penalty.
Potential impact
The “Timely Vote Credits” mechanism is scheduled to be implemented after Solana update v1.18, due this month, which includes patches to correct problems with priority transaction fees and network congestion. However, it is not yet clear what the effects of this mechanism will be, as it is scheduled to be implemented after Solana update v1.18. The effects of this implementation remain to be seen and will be closely observed by the Solana community.
Conclusion – Solana validators speed up transactions
Solana validators have approved a proposal to reduce the latency of consensus votes, potentially speeding up transactions on the blockchain. The “Timely Vote Credits” mechanism changes the means by which validators incentivize consensus votes and is scheduled for implementation after Solana update v1.18.
