
Jakarta, Pintu News – Solana is a blockchain platform designed to support scalable decentralized applications. Founded in 2017, Solana is an open-source project currently managed by the Geneva-based Solana Foundation. The blockchain was developed by Solana Labs located in San Francisco.
With much higher transaction speeds and lower transaction fees than competing blockchains such as Ethereum , Solana (SOL) has recorded a rise of almost 12,000% in 2021.
Anatoly Yakovenko, co-founder of Solana, has experience in distributed system design at leading technology companies such as Qualcomm Incorporated (QCOM). This experience led him to the realization that a reliable clock could make network synchronization easier.
With effective synchronization in place, the network can operate at higher speeds, limited only by the available bandwidth. Yakovenko developed the concept of proof-of-history (PoH) which allows blockchains to achieve consensus by verifying the elapsed time between events.
In a white paper published in November 2017, Yakovenko explained that the existing blockchain did not rely on time, so each node in the network had to rely on its own local clock without knowing the clocks of other participants.
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Proof-of-History (PoH) is an innovation that enables the recording of time into the ledger, facilitating blockchains to reach consensus faster. With PoH, every node in the network can rely on verified time records, speeding up the transaction verification process.
Blockchains that don’t use clocks, such as Bitcoin and Ethereum (ETH), have difficulty increasing the number of transactions per second (TPS) they can process. With PoH, Solana can overcome this obstacle, allowing the network to rely on accurately recorded time.
Solana uses a combination of proof-of-history (PoH) and proof-of-stake (PoS) in its consensus model. The PoS model allows validators to verify transactions based on the number of coins they hold, while PoH speeds up time-stamping and transaction verification.
It is claimed that the Solana architecture may support up to 710,000 TPS on a standard gigabit network and up to 28.4 million TPS on a 40-gigabit network. In comparison to Ethereum, which is also undergoing a massive upgrade through the merger of its Beacon Chain and Mainnet Chain in 2022, Solana offers a highly competitive alternative with lower transaction fees and higher speeds. However, how Solana will compete with the upcoming Ethereum upgrade remains to be seen.
Solana offers a platform that is not only fast and efficient but also scalable and secure, making it one of the most popular blockchains today. With the SOL token having a significant market share, Solana continues to show its potential as a major contender in the cryptocurrency world.
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