Solana is a new blockchain technology that will be able to store and power the world’s data. It will also be able to process information at a lot higher speeds than traditional databases. Solana is designed to run for 10 years without downtime, and it can sustain 1 million transactions per second.
What is Solana? Solana is a crypto currency that was developed by Anatoly Yakovenko who founded Solana back in 2017. Anatoly Yakovenko formerly worked for Qualcomm, Mesosphere. He also has experience with compression algorithms after previously working at Dropbox as a Software Engineer. Solana was born from their vision of a trustless and distributed protocol that allows for greater scalability. They conceptualized a new way of dealing with the throughput problems that were present in both the Bitcoin and Ethereum blockchains with the help of Solana’s CTO, Greg Fitzgerald, and Eric Williams.
Solana ($SOL) addresses one of the most significant issues with current blockchains: scalability. This issue has always been a stumbling block to widespread cryptocurrency adoption. Cryptocurrencies can’t deal with payment systems like Paypal or Visa because of their low transaction throughput. This was the motivation behind the development of Solana. Solana is a web-scale blockchain that provides decentralized apps and marketplaces that are fast, stable, and scalable. As a result, transaction throughput will scale proportionally with network bandwidth, meeting all of the blockchain’s properties: scalability, stability, and decentralization. Solana has drawn a number of crypto supporters, including the FTX exchange, thanks to its ability to handle more than 50,000 transactions per second.
But what is Solana and how does it function?
Solana is a blockchain that aims to solve the scaling problem by allowing users to process a large number of transactions per second (TPS). To put it in perspective, Solana allows users to process 50,000 transactions per second, while Bitcoin, Ethereum, and Visa currently give TPS speeds of only 7, 30, and 2000, respectively. SOL is the Solana ecosystem’s native token, with a cumulative supply limit of 489 million tokens. Participants will stake their SOL coins to become validators within the network and receive passive incentives for their contributions because the platform uses a Proof-of-Stake (PoS) network.
What is Solana? 8 Key Innovations
Solana’s native token is $SOL. There are currently 26 million SOL in circulation, with a maximum supply of 489 million SOL.
Solana brings a total of 8 innovations to its structure that are unique to it.
- Proof of History (POH) – Cryptographic clock for the blockchain.
- Tower BFT – Solana’s version of the Practical Byzantine Fault Toleration (PBFT) system
- Turbine – Blockchain broadcasting protocol.
- Gulf Stream – Forwarding protocol without mempools.
- Sealevel – Solana’s parallel smart contracts.
- Pipelining – Transaction Processing Unit.
- Cloudbreak – Accounts database.
- Archivers – Storage of blockchain history.
Solana (SOL) is a fourth-generation blockchain and cryptocurrency that takes advantage of an accessible architecture to improve scalability. The network employs a number of novel and innovative technologies to provide users with unrivaled transaction speeds and enterprise-level security. As a result, since its inception in 2017, the network has experienced significant growth.
Proof of History (POH)
The project’s creators were successful in building a network that has the potential to outperform today’s payment processors in terms of tps and functionality. As a result, more developers are expected to migrate to Solana as their original blockchains continue to have scalability issues.
Problem: Solana is a new blockchain technology that will be able to store and power the world’s data. It will also be able to process information at a lot higher speeds than traditional databases.
Agitate: Most people don’t know what Proof of History (POH) is, but it’s what makes our network so fast and secure.
Solution: Proof of History (POH) is what we call the cryptographic clock for the blockchain. This means that every block has an immutable timestamp which can never change or be tampered with in any way – even by us! The POH protocol ensures that all transactions are processed in chronological order, without any chance of being reversed or altered by hackers or malicious actors.
Tower BFT is what we call the Tower Byzantine Fault Tolerance framework. This is what’s responsible for what we call the blockchain broadcasting protocol, which allows computers to manage consensus automatically. It also handles all transactions and data that we need to send out to other members of the network and it ensures that everyone agrees on what has happened and what needs to happen.
Turbine is what we call the blockchain broadcasting protocol. This what’s responsible for what we call the Tower Byzantine Fault Tolerance framework. It also handles all transactions and data that we need to send out to other members of the network and it ensures that everyone agrees on what has happened and what needs to happen.
Gulf Stream is what we call our forwarding protocol without mempools. The importance of this innovation stems from the fact that it does not have any limitations on bandwidth or throughput, which makes transactions always go through regardless of how many people are trying to get in at once.
Sealevel is what we call Solana’s parallel smart contracts. These still allow people to work together in what we call collaborative computing. But what they allow is for users to compute independently at record-breaking speeds while still allowing them to maintain the security guarantees needed in what we call distributed computing.
The Pipelining Transaction Processing Unit allows transactions to take place on what we call a per-core basis. This means that every core works on their own transactions individually and does not need to depend on what other cores are doing, which makes it far more efficient than many other cryptocurrencies. In addition, Solana’s transaction throughput is already almost 500 tx/sec while Ethereum can only handle 15 tx/sec!
Cloudbreak is what we call Solana’s accounts database. It replaces what we call a key-value store and what we call linear referencing. It also what’s responsible for what we call the logic function when it comes to data validation.
This is what we called Solana’s sharded distributed state, which provides what we call adders at scale (and ultimately what makes up our throughput). This allows users with lower hashrate to create what we call consensus groups in order to provide faster block confirmation times and faster transactions.
Archivers is what we call what allows us to what is called replace what we call centralized Machine Learning in what we call distributed systems. It runs what’s called code directly on what the network computes without requiring anything but what’s necessary for what’s called consensus, which makes it incredibly scalable and super efficient!
Solana – the Coin of the Future
Solana is what we call a new blockchain technology that will be able to store and power the world’s data. It was designed with what we call an “archiver” protocol for what’s called collaborative computing which allows transactions to take place on what we call a per-core basis, meaning every core works on their own transaction individually without needing to depend on what other cores are doing. The Solana network also provides what we call adders at scale, or sharding – this means that users can create consensus groups in order to provide faster block confirmation times and faster transactions than traditional databases. If you’re interested in learning more about how Solana could help your business grow exponentially while saving money, contact us today!