![]() ![]() It can be presented as a cryptographic clock that gives a timestamp to every transaction on the network, along with a data structure that can be a simple addition of it. The core component of the Solana protocol is proof-of-history, a sequence of computations that provides a digital record that confirms that an event has occurred on the network at any point in time. This history of transactions gives a name to Solana’s main consensus mechanism: PoH, a concept that allows for greater scalability of the protocol which, in turn, boosts usability. Thus, the Solana network benefits, reducing workload that results in increased throughput even without a centralized and exact time source.Īlso, Solana creates a chain of transactions by hashing the output of one transaction and using it as the input of the next transaction. In a nutshell, Solana’s design solves this problem by having one leader node chosen based on the PoS mechanism that sequences messages between nodes. In decentralized blockchains, however, time discrepancies and higher throughput slow them down, meaning that more nodes verifying transactions and timestamps take more time. Generally, blockchains have greater scalability, depending on the number of transactions per second they can support, the more and better they scale. The innovative combination of PoS and PoH makes Solana a unique project in the blockchain industry. The Solana blockchain platform has proposed a hybrid consensus mechanism that compromises on decentralization to maximize speed. It is widely believed that blockchains are built in such a way that forces developers to sacrifice one of the aspects in favor of the other two, as they can only provide two of the three benefits at any given time. This trilemma describes a set of three major challenges that developers face when building blockchains: decentralization, security and scalability. Solana’s ambitious design aims to solve the blockchain trilemma, a concept proposed by Ethereum creator Vitalik Buterin, in its unique way. The project’s internal testnet was released in 2018, followed by multiple testnet phases leading to the eventual official launch of the main network in 2020. Solana blockchain was rolled out during the 2017 initial coin offering (ICO) boom. The project supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces. Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) creation. Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.Ĭreated in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. ![]()
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