What is so special about Project Solana?

Solana is an open-source project that creates a fast, layer-1, fast blockchain without authorization. It was created by Anatoly Yakovenko, former CEO of Qualcomm, with the goal to scale throughput beyond what is possible on other blockchains while keeping costs low. Solana’s hybrid consensus method (PoS) combines a novel proof-of history (PoH), and a lightning fast synchronization engine (a type of proofstake). The Solana network can theoretically handle more that 710,000 transactions per second, (TPS), without the need for scaling solutions. The project supports a variety non-fungible token exchanges (NFT) as well as decentralized financial (DeFi) systems. The project’s internal testnet was released in 2018. After several testnet phases, the main network was officially launched in 2020. This ambitious plan was proposed by Vitalik Buterin, Ethereum’s developer. According to the trilemma, decentralization, security and scalability are three of the main issues that blockchain developers must address when creating systems. This idea was put forward by Vitalik Buterin, Ethereum’s developer. The hybrid consensus mechanism that the SOL blockchain platform uses trades speed for decentralization. Because of its unique PoS and PoH combination, Solana is a pioneering project within the blockchain sector. It can support more transactions per second than any other blockchain. Time inconsistencies and a slower throughput in decentralized Blockchains can slow them down. This means that more nodes have to spend more time verifying transactions and timestamps. Solana’s design addresses this problem by choosing one leader node according to the PoS mechanism, which determines the order in which messages are sent between nodes. Solana’s network reaps the benefits of reduced workload and higher throughput, even though there is no centralized or precise time source. The primary consensus mechanism used by Solana is identified by its transaction history.How does Solana work?Proof-of-history, a series of calculations that provide a digital record confirming an event’s occurrence on the network at any point in time, is the central element of the Solana protocol. It is a data structure that is simply an addition of a cryptographic clock. This clock assigns a timestamp for each transaction on the network. It assists Solana in making a decision. It assists Solana in making a decision. VDF is used to show that block producers have waited sufficiently long for the network’s progress to occur. It is a combination of unique cryptographic operations that produces a 256 bit result. The network provides real-time data using the set of hashes stored on central processing units. These hashes can also be used by Solana validators for tracking information that was created prior to a particular hash index being created. Once the data has been input, the timestamp is generated for transactions. All nodes must have cryptographic clocks in order to keep track and not wait for validators to verify transactions. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comAnnieCoincu NewsContentsTags: Anatoly YakovenkoBlockchainEthereum’s developerlayer-1 blockchainProject SolanaSolana