Solana: First Blockchain to use Proof-of-History

SOLANA - FIRST BLOCKCHAIN FOR PROOF-OF HISTORY

Ever wonder what the fastest speed is for a blockchain transaction. According to Ethereum 2.0, the fastest record of a blockchain transaction was 10,000 Transactions per Second (TPS). This is because it has shared chains that allow for these transactions to be performed at such high speeds. Blockchain gained popularity due to its speed of transactions. For a long time, financial platforms have faced the problem of low transaction speed and transaction validation.

What is Solana?

Solana can be described as a decentralized public blockchain system that operates in an open-source fashion. It can achieve its consensus using proof of history as well as proof of stake. Solana is able to regulate peer-to-peer transactions using its cryptocurrency, SOL. It also guarantees 50,000 TPS. Solana blockchain is "censorship-resistant" as guaranteed by its founders, and it also supports smart contracts and Non-Fungible Tokens.

Who was the founder of Solana?

Anatoly Yakovenko founded Solana in 2017. Yakovenko published a whitepaper about the timekeeping technique for distributed systems, known as Proof of History (PoH). Proof of History eliminates the problem of scaling and the time required to reach consensus on transaction orders. Yankovenko believed this innovative technique could automate the transaction ordering process on the blockchain, which will be a key component that will allow crypto networks to scale beyond what they can handle.

Token Economics by Solana

Sols is Solana's native token (SOL). Lamport's fractional sols are named after Leslie Lamport, Turing Award recipient. Lamport values are equal to 0.0000000582 sol.

SOLs can be used within the network in two ways

Staking

Users can either stake their SOL on the network directly or delegate their holdings to active validators. This will help protect the network. Inflation incentives will be offered to stakeholder. Solana recently made its inflation rewards available.

For sending and running smart contracts, there are fees

For sending and executing smart contracts, users can pay fees.

Token Distribution & Launch of SOL

The Solana team used five separate financing rounds to distribute tokens, four of them private sales. These private sales began in the first quarter 2019 and ended in a $20 million Series A led by Muliticoin Capital. This was announced in July 2019. The other partners included Distributed Global and BlockTower Capital. Foundation Capital, Block change VC. Slow Ventures, NEO Global Capital. Passport Capital. Rockaway Ventures. The companies received SOL tokens in exchange for their investments. The exact number of tokens that were distributed to investors is not known. Solana said that extra funds would go to project management and engineering.

LeewayHertz offers what Solana blockchain services?

Creating Nodes

Our experts in blockchain design and development create robust, effective nodes for private or public blockchain networks. They ensure that they conform to the agreed consensus process. Solana employs a Proof of History method to build its network.

Support and maintenance for the Solana dApps

Our clients receive highly effective support and maintenance services for Solana based dApps. Lifelong support is available to both clients with existing decentralized apps and those who have their own dApps created by us.

Development of the Wallet

Our blockchain developers are experts in creating blockchain wallet apps. Solana wallets can store many currencies and digital assets. You can also check your balance or monitor your transactions.

Smart Contracts

To support diverse dApps, we provide Smart Contract development services . Smart contracts are written in Cadence programming language, which is compatible with the public Solana Blockchain network. Our clients receive assistance in architecture, auditing, designing, and implementing Smart Contracts.

Development of dApps

Our blockchain experts can create enterprise-grade, decentralized apps (dApps), for clients who use the Solana platform. This allows them to reduce time to market and increase their ROI.

Concluding note

Solana, an open-source platform that facilitates scalable transactions at a rapid pace, is called Solana. It is difficult to keep track of all major transactions. Bitcoin, for example, records transactions by grouping them into blocks using a timestamp. This takes a lot of time because only one node is required to verify the block in consensus. 

This is not true with Solana. The Solana Proof-of-History consensus improves efficiency by integrating timestamps and recording every transaction. The historical records of each transaction allow the system to monitor transactions. The consensus mechanism acts as a watchdog for the network. Solana manages its transaction monitoring tasks faster and with greater security and privacy.

Click here for more details: https://www.leewayhertz.com/solana-blockchain-using-poh/



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